We will look after the Calculation of Income from Employment.
Calculation of Income from Employment
Following is the headings included in income from emplyment.
Particulars | Details | Amount |
---|---|---|
Salary, Wage, and Commission | XXX | |
Salary in Lieu of Leave | XXX | |
Overtime Pay | XXX | |
Price & Gift relating to employment | XXX | |
Bonus | XXX | |
Dearness Allowance | XXX | |
Rent Allowance | XXX | |
Entertainment and transport Allowance | XXX | |
Cost of living Subsistence | XXX | |
Other Personnel Allowance | XXX | |
Reimbursement of Personnel expenses of employee | XXX | |
Payment received for accepting restriction regarding employment | XXX | |
Compensation received for loss or redundancy of employment | XXX | |
Other Payment made in respect of employment. | XXX | |
Retirement contribution from employer. | XXX | |
Amount of Accommodation Facility. | XXX | |
Amount of Vehicle Facility. | XXX | |
Amount of Service of House Keeper, Chauffeur, Gardener, or other domestic assistants. | XXX | |
Any meals refreshment or entertainment provided by employer. | XXX | |
Amount of service related to drinking Water, electricity, telephone, and other utilities. | XXX | |
Under payment of Interest on loan taken from employer. | XXX | |
Other Benefit provided by employer. | XXX | |
Assessable Income from Employment | XXX |
Calculation of Taxable Income
Particulars | Details | Amount |
---|---|---|
Assessable Income from Employment | XXX | |
Assessable Income from Business ( If any ) | XXX | |
Assessable Income from Investment (If any ) | XXX | |
Total Assessable Income | XXX | |
Less: Contribution to recognized retirement funds | XXX | |
Adjusted Taxable Income | XXX | |
Less: Donation to Tax Exempt Organization | XXX | |
Less: Remote Area Allowance | XXX | |
Less: Foreign Area allowance | XXX | |
Less: Pension Exemption | XXX | |
Less: Exemption of Disabled | XXX | |
Less: Life Insurance Premium | XXX | |
Less: Health Insurance Premium | XXX | |
Taxable Income |
Computation of Tax Liability of Resident Natural Person 2078/79
Particulars | Details | Amount |
---|---|---|
Up to Rs. 4,00,000 to Rs. 4,50,000 @ 1% | XXX | |
Next Rs. 1,00,000 @ 10% | XXX | |
Next Rs. 2,00,000 @ 20% | XXX | |
Above 7,00,000 / 7,50,000 up to 20,00,000 @ 30% | XXX | |
Above 20,00,000 @ 36% | XXX | |
Total Tax Liability | XXX | |
Less: Women Tax Credit | XXX | |
Less: Medical Tax Credit | XXX | |
Less: Foreign Tax Credit | XXX | |
Less: Withholding Tax | XXX | |
Tax Payable | XXX |
Computation of Tax liability of Non-resident Natural Person
Particulars | Amount |
---|---|
Tax Rate @ 25% | XXX |
Tax Payable | XXX |
Other Important Links:
Income tax Rate in Nepal for Employment of 2079/80: CLICK HERE
TDS rate in Nepal: CLICK HERE