Professional Documents
Culture Documents
Highlights
Highlights of the budget speech for F/Y 2070/71 as pronounced by Finance Minister Mr. Shankar Koirala on 30 th Ashadh 2070, Sunday and changes made in the Tax rate made by Finance ordinance on the same date.
TAX
2.
Assessed as Individual
Assessed as Couple
100,000 300,000
15% 25%
100,000 350,000
15% 25%
In case the Taxable Salary of an Individual is more than Rs. 25 Lakhs, additional tax at the rate of 40 percent shall be levied on the tax calculated above Rs. 300000 or 350000 as the case may be.
Notes: 1. Natural person working at remote areas are entitled to get deduction from taxable income to a maximum of Rs. 50000. 2. Natural person with pension income included in the taxable income shall be entitled to deduct from taxable income an additional 25% of amount prescribed under first tax slab. 3. Incapacitated natural person shall be entitled to get deduction from taxable income an additional 50% of amount prescribed under first tax slab. 4. A natural person who has procured life insurance and paid premium amount thereon shall be entitled to a deduction of actual annual insurance premium or Rs. 20000 whichever is less from gross taxable income. 5. In case of the employee employed at the foreign diplomatic of Nepal only 25% of the foreign allowances are to be included in the income from salary. 6. In case of the employee posted outside Nepal is getting foreign allowance will get 75% rebate of such allowance. 7. In case of the female employee whose taxable income is only from employment than 10% rebate is allowed on tax liability. 8. In case of individual having income from export, tax rate of 15% is applicable in place of 25%.
Nature of Transaction
Changes in 2070/71
25% nil
2.
Wind fall gains 25% Wind fall gains from Literature, Arts, Culture, 25% Sports, Journalism, Science & Technology and Public Administration amount received upto 5 lacs Interest & Dividend paid to Mutual Fund Not addressed Mutual fund payment to natural Person ( final withholdingTax)
5%
3.
-
4.
The Budget 2070 has proposed higher Excise Duties on Tobacco and Liquor Items. The rates being applicable are prescribed below: Materials Khudo Shakhar Beer Other Cold Drinks Less Than 12 % Alcohol Wine 12 % Alcohol Fine 12-17% Alcohol Wine More Than 17 % Sider Mafe From Apple Juice Raw Material Of Wine And Brandy Raw Materials Of Whisky, Rum & TAFIA, GIN & GENEVA, Vodka, Liquors And Other Alcohol Including Spirit Rectified Spirit And ENA Brandy And Wine, Whisky, Rum And TAFAI, GIN & GENEVA, Vodka, Liquors & Cordials 25 UP Strength Brandy And Wine, Whisky, Rum TAFAI, GIN & GENEVA, Vodka, Liquors & Cordials 30 UP AnyStrength Other Alcoholic Drinks Of 15 UP Unit Per Kg Per Kg Per Ltr Per Ltr Per Ltr Per Ltr Per Ltr Per Ltr Per Ltr Per Kg Prevailing rate in 2069/70 in Rs. 40 72 80 189 189 189 214 0 108 108 44 439 587 Changed rate in Rs. 45 80 88 210 210 220 240 55 115 115 50 497 663
Strength Any Other Alcoholic Drinks Of 25 UP Strength Any Other Alcoholic Drinks Of 30 UP Strength Any Other Alcoholic Drinks Of 40 UP Strength Any Other Alcoholic Drinks Of 50 UP Strength Any Other Alcoholic Drinks Of 70 UP Strength Nicotine , Pan Masala And Gutkha All Type Of Cigar Cigarette 70 Mm With Filter Cigarette 70 Mm Without Filter Cigarette 70-75 Mm With Filter Cigarette 75-85 Mm With Filter Cigarette Above 85 Mm With Filter
Per LP Per Ltr Per LP Per Ltr per LP ltr Per Ltr per LP ltr Ltr Per per LP ltr Ltr Per per LP ltr Per Gram Per Khilli Per Yem Per Per Yem Per Per Yem
695 439 587 411 587 208 347 73 146 18 60 0 7 533 252 681 872 1135
785 497 663 464 663 235 392 84 168 20 67 275 9 597 272 763 977 1306