Income Tax Act, 2002

Provided that this term shall not denote a partnership, body corporate, or an institution mentioned under sub-clause (3) of clause (m).

(u) "Trustee" means a natural person, Guthi or other body corporate who/which holds property in trust, either alone or jointly with other natural persons, Guthis or other body corporates, and the term also denotes the following persons:-
 (1) Executor or administrator of the estate of a deceased person,
 (2) Liquidator, receiver or trustee,
 (3) Any person who, in a private or official capacity, is guardian, directing, controlling or managing the property of an incapacitated person,
 (4) Any person managing property under a private establishment or similar establishment, and
 (5) Any other person in a position similar to persons mentioned in sub-clauses (1), (2), (3) and (4).

(v) "Long-term Contract" means a contract under Section 26 where the term of the contract exceeds twelve months.

(w) "Relative" means husband, wife, son, daughter (including adopted son/daughter), father, mother, grandfather, grandmother, elder brother, younger brother, sister-in-law (bhaauju), daughter-in-law (buhari), sister (didi/bahini), mother-in-law/father-in-law (saasu/sasura), wife's brother (sala), husband's elder brother (jethan), wife's sister (sali), husband's elder sister's mother (jethi saasu), uncle (kaka), aunt (kaki), nephew (bhatija), niece (bhatiji), grandson (nati) and granddaughter (natini).

(x) "Entity" means the following institutions or organizations:-
 (1) Partnership, trust or company,
 Deleted by Finance Act, 2062.Ω(2) District Coordination Committee,
 Amended by Finance Act, 2075.Ω(3) Government of Nepal, Provincial Government or Local Level,
 (4) Any foreign government or provincial or local government under that government, or a public international organization established by a treaty, or
 (5) The permanent establishment of an institution or organization mentioned in sub-clauses (1), (2), (3) and (4) Amended by Finance Act, 2075.Ωnot located in the country where the person is resident.

(y) "Interest in an Entity" means a right, including a contingent right, to receive income or capital of an entity.

(z) "Disposal" means the sale or transfer, including disposal, of any asset or liability as mentioned in Section 40.

(aa) "Beneficial Ownership" means the following ownership:-
 (1) In relation to an entity, ownership created on the basis of an interest held, directly or indirectly, through one or more intermediary entities, by a natural person or an entity where no natural person has an interest, in that entity, or
 (2) In relation to property owned by an entity, the ownership of the property determined on the basis of the proportional ownership of persons who have beneficial ownership in such entity.

(ab) "Lease" means the temporary right of one person to use the property, other than cash assets, of another person, and the term also denotes a license, rental agreement, option, royalty agreement or lessee's right.

(ac) "Natural Person" means a specific natural person, and for the purpose of this Act, the term also denotes a sole proprietorship owned by a natural person, whether registered or not, and a couple who have opted under Section 50 to be treated as a single natural person.

(ad) "Payment for Natural Resources" means the amount of any of the following payments:-
 Amended by Finance Act, 2075.Ω(1) Payment made for obtaining the right to extract water, minerals or other living or non-living resources from land, or
 Amended by Finance Act, 2075.Ω(2) Amount calculated on the basis of the quantity or value of natural resources and minerals, living or non-living resources extracted wholly or partially from land.

(ae) "Market Value" means the ordinary transaction price of a service or asset in the ordinary course of market dealings between unrelated persons in respect of any asset or service.