Taxation and Business Law of Nepal

Supporter of every tax queries !!!

𝟓 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐑𝐮𝐥𝐞𝐬 𝐎𝐟 𝐓𝐡𝐮𝐦𝐛

𝟏. 𝐁𝐮𝐝𝐠𝐞𝐭 :- Spend not more that half of your income on living expenses. Plan budget in 3 part like 40/30/30. 40% Fixed Expense, 30% Spending on things you want, 30% Savings.

𝟐. 𝐇𝐨𝐦𝐞 :- You can afford a home that's two to four times your annual gross income. Try to complete your home loan as soon as possible.

𝟑. 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 :- Now a days many people are avoiding buying life insurance. But you need life insurance equal to 8-10 times your annual income.

𝟒. 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 :- You can invest in any long term product. Either it can be Stocks, Bond, Mutual funds or even Fixed Deposits.

𝟓. 𝐑𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 :- Many people are planning to retire in early now a days. So retirement planning is must needed. In retirement you need money in any ways. It can be Investment returns or Interest Income or Rental Income.

Fees and interest shall be waived if a person having taxable income in past obtain PAN, pays the tax, and files returns for FY 2075-76, 2076-77 and 2077-78 within Poush end 2079.
Further, the tax, fees and interest for FYs prior to FY 2075- 76 shall also be waived after the above compliance.

विगतमा कर योग्य आय भएका व्यक्तिले प्यान प्राप्त गरेमा, कर तिरेमा र पुस मसान्तभित्र आ.व.२०७५-७६, २०७६-७७ र २०७७-७८ का लागि Return फाइल गरेमा शुल्क तथा ब्याज छुट हुनेछ ।
यस बाहेक, आ. व. २०७५-७६ अघिको कर, शुल्क र ब्याज पनि उपरोक्त परिपालना पछि अवकास हुनेछ ।

We can't transfer money from wallet to account, which was loaded from credit card.
Its means no cash transaction from Credit card.
However, there is no restriction on withdrawal of cash
within limit i.e up to 10% of sanctioned limit of credit card.

क्रेडिट कार्डबाट लोड गरिएको वालेटबाट खातामा पैसा ट्रान्सफर गर्न सक्दैनौं।
यसको अर्थ क्रेडिट कार्डबाट नगद लेनदेन हुँदैन।
तथापि, सीमाभित्र (क्रेडिट कार्डको स्वीकृत सीमाको १०% सम्म) नगद निकासीमा कुनै रोकटोक छैन ।

Question of the day !!!

Whether vat on reverse charge can be set off against ITC ???

Answer must be accordance with Nepal VAT ACT LAW AND REGULATIONS…

Value Added Tax (VAT) is an indirect tax levied on the value creation or addition. The concept of VAT in Nepal was introduced in FY 2049/50 but the act was developed in BS 2050. VAT was implemented in 1998 and is the major source of government revenue. It is administered by the Inland Revenue Department of Nepal.

Are you trying to export or Import the goods or services from or to the Nepal. You need to get EXIM Code.