Income Tax Act 2058
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Sec. 12 Donation to exempt
organization
Donation
given to:
a)
Prime minister relief fund:
Full amount
can be deducted from assessable income
b)
World heritage/Sports club
10% of adjusted
taxable income
Or Maximum Rs. 10,
00,000
Or actual whichever is
less
c)
Tax-exempt entity
5% of adjusted taxable
income
Or maximum Rs 1,
00,000
Or actual whichever is
less
Note:
Donation given to the non-tax exempt entity cannot be deducted from the Step:
two. The income given in net value should not be recorded.
Sec. 12 ka donation to exempt organization
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Sec. 16 Repair and improvement cost
7% of depreciation
base
Or actual whichever is
less
Sec. 17 Allowable Pollution control
cost
50% of adjusted
taxable income
Or actual whichever is
less
Sec. 18 Allowable Research and
development cost
50% of adjusted
taxable income
Or actual whichever is
less
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Sec. 20 Losses from business
Losses of the business
from previous 7 years in general business organization
Losses of the business
from previous 12 years in Nepal Oil Corporation
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Sec. 25.2 Bad debts
Bad debts can be
deducted as expenses
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Sec. 51 Medical tax credit
Maximum Rs 750
Or 15% of claimed
amount whichever is less
Sec. 63 Retirement benefit/Providend fund reduction to an approved fund
1/3 of assessable income
Or
Maximum Rs 300000
Or
Actual paid by employees to the recognized P.F office
whichever is less
Recognized P.F. offices are:
a.
Providend fund building, Thamel
b.
Citizen Investment Trust, (CIT), Baneshwor
