Very Short Questions and Answers 1. What do you mean by ‘tax assessment’? List out the types of tax assessment. The term ‘assessment’ means the process of determining the tax […]
Chapter 16: Revenue Aministration
Very Short Questions and Answers 1. State any four functions carried out by Inland Revenue Department (IRD). IRD carries out the functions related to: Tax administration (Income Tax and VAT) […]
Chapter 15: Special Provision For Individuals, Entities, and Retirement savings
Very Short Questions and Answers 1. Briefly mention the provision for deduction of retirement contribution to the approved fund by an individual. A resident individual may claim a deduction for […]
Chapter 14: Set-off And Carry Forward Of Losses
Very Short Questions and Answers 1. What is set off a loss? Mention the methods of setting off losses? An adjustment of losses subject to the certain rules against incomes […]
Chapter 10: Income From Business
Very Short Questions and Answers 1. Give a brief definition of business as defined in the Income Tax Act, 2058. The Act has defined business as an industry, a trade, […]
Chapter 8: Income From Employment
Very Short Questions and Answers 1. List out any two incomes excluded from employment income. Two incomes excluded from employment income are: Meals and refreshments are provided to all employees […]
Chapter 7: Deductions Not Allowed
Very Short Questions and Answers 1. State any two expenses not allowed for deduction. The expenses not allowed for deduction are as follows: Fines and penalties are paid to the […]