Amendment in Taxation (Income Tax & VAT) by Finance Act 2076/77 (2019/20) English | Empowering Entrepreneur

Amendment in Taxation (Income Tax & VAT) by Finance Act 2076/77 (2019/20) English

Amendment in Taxation (Income Tax & VAT) by Finance Act 2076/77 (2019/20) English

Amendment in Taxation (Income Tax & VAT) by Finance Act 2076/77 (2019/20) English

Below are the Amendment in Taxation (Income Tax & VAT) by Finance Act 2076/77 (2019/20)

Income Tax Act 2058

Employment Income Tax Schedule 1

Following are the tax rate for the fiscal year 2076/77 for on salary income as per Finance Act 2076/77 are as below

Slab for the current fiscal year is increased from 350,000 to 400,000 for 1% slab for individual and slab for the couple is increased from 400,000 to 450,000.

See detailed slab here for employment tax here

New Provision regarding Submission of Income Tax return

Amended tax return can be submitted within 30 days of submission of mistake tax return.

Capital Gain Tax Reduced

Capital gain tax on share market trading has been reduced from 7.5% to 5% for the individual. Where as institutional tax payer has remain constant at 10%.

Income Tax Rate on Cooperatives

Metropolitan and Sub Metropolitan : 10%

Minicipality: 5%

No tax liability for social security fund

No tax liability for social security fund

Value Added Tax

Tax Refund facility reducted to 4 months

Tax refund, in case of credit facility cannot be taken for any excess VAT Credit is reduced to 4 months which was previously 6 months

 

 

 

 

 

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