chhatramani/nepal_legal_acts_corpus_english huggingface dataset:
Original provision: "Provided that such loan liability must have been incurred for the purpose of generating income from business or investment."

१४९ Amended by Finance Ordinance, २०५९. Amended phrase: "The total interest amount deductible under that sub-section shall not exceed the total of the following amounts."

१५० Amended by Finance Ordinance, २०६१. Amended phrase: "of taxable income" replaced by "of adjusted taxable income".

१५१ Amended by Finance Act, २०६७ and continued by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(6) Where the business inventory of a person cannot be ascertained, such person may choose to calculate the cost of inventory using the first-in-first-out method or the average cost method. Provided that once such a method is chosen, it shall not be changed without the written permission of the Department."

१५२ Amended by Finance Act, २०६७ and continued by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

१५३ Added by Finance Ordinance, २०६० and continued, with amendment sustained by Finance Act, २०७५.

१५४ Ibid.

१५५ Added by the Ordinance amending certain Nepal Acts relating to Revenue, २०६२, but removed as not continued by subsequent Finance Acts. Added provision: "(1) A person engaged in a business specified by the Department may maintain inventory accounts using the retail method and file income returns accordingly."

१५६ Added by the Ordinance amending certain Nepal Acts relating to Revenue, २०६२, but removed by Finance Act, २०६३. Added provision: "The value declared under Section 10A of the Value Added Tax Act, 2052 is recognized as cost expenditure unless proven otherwise."

१५७ Amended by Finance Act, २०६४, with amendment sustained by Finance Act, २०७५.

(1) Provision of the original Act: "(2) Notwithstanding anything contained in sub-section (1), the expenditure deductible under that sub-section shall not exceed five percent of the depreciation amount of that asset block, and if more expenditure is incurred, such deduction shall only be made in order of the expenditure incurred."

(2) Amended by Finance Act, २०६० (by replacing the word "five" in the original section with "seven").

(3) By Finance Ordinance, २०६१, the following restrictive phrase was added to sub-section (2): "Provided that this limit shall not apply to the maintenance expenditure incurred during the complete overhaul of an aircraft by a person providing air transport services in accordance with the standards determined by the Civil Aviation Authority of Nepal."

(4) Provision amended by Finance Act, २०६४: "(2) Notwithstanding anything contained in sub-section (1), the expenditure deductible under that sub-section shall not exceed seven percent of the depreciation amount of the asset block at the end of that income year.
Provided that this limit shall not apply to the maintenance expenditure incurred during the complete overhaul of an aircraft by a person providing air transport services in accordance with the standards determined by the Civil Aviation Authority of Nepal."

(5) Amendment to the restrictive phrase by Finance Act, २०७२:

"Provided that

(a) such limit shall not apply to the maintenance expenditure incurred during the complete overhaul of an aircraft by a person providing air transport services in accordance with the standards determined by the Civil Aviation Authority of Nepal.

(b) for maintenance expenditure of property damaged in earthquake-affected districts specified by the Government of Nepal, such limit shall not apply up to fiscal year २०७३/७४ if the taxpayer so desires."

१५८ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(3) Any excess expenditure or part thereof not deductible under sub-section (1) as a result of the limit under sub-section (2) may be added to the depreciation amount of the relevant asset block under sub-section (5) of Section 2 of Schedule 2."

१५९ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(2) Notwithstanding anything contained in sub-section (1), when calculating the limit of expenditure deductible under that sub-section in any year, such limit shall not exceed fifty percent of the taxable income computed without deducting pollution control expenditure of all businesses operated by that person and without including the limits under sub-section (2) of Section 12 and sub-section (2) of Section 18."

१६० Added by Finance Ordinance, २०६०.

१६१ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(2) Notwithstanding anything contained in sub-section (1), when calculating the limit of expenditure deductible under that sub-section in any year, such limit shall not exceed fifty percent of the taxable income of that person computed without deducting research and development expenditure of all businesses operated by that person and without including the limits under sub-section (2) of Section 12 and sub-section (2) of Section 17."

१६२ Added by Finance Ordinance, २०६०.

१६३ Amended by Finance Act, २०६०. The original Act contained the words "shall be entitled to."

१६४ Amended by Finance Act, २०६४ and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

(1) Provision of the original Act: "(b) unrelieved losses of the past four income years incurred by that person from any business.
Provided that, in the case of projects involving construction and operation of public infrastructure and transfer to the Government of His Majesty the King, unrelieved losses of the past seven years."

(2) Amended by Finance Ordinance, २०६१ by adding the following restrictive phrase:

"Provided that, in the case of projects involving construction and operation of public infrastructure and transfer to the Government of His Majesty the King, and projects involving construction, generation and transmission of power houses, unrelieved losses of the past seven income years, and in the case of an entity engaged in petroleum operations under the Petroleum Act, २०४०, unrelieved losses of the past twelve years."

१६५ Amended by Finance Ordinance, २०६४ and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(2) For the purpose of computing income from any investment in any income year, a person may deduct the unrelieved loss of that year incurred from any other investment."

१६६ Added by Finance Act, २०६३ and continued, with the words "full or partial" replaced by "full" and the word "subsequent" replaced by "future" by Finance Act, २०६७, and further added by Finance Act, २०७५.

१६७ Added by Finance Act, २०७५.

१६८ Removed by Finance Act, २०८२. Before amendment, the words added and sustained by Finance Act, २०८१ were: "tax collected under sub-section (7) of Section 9A and not reconciled in that income year."

१६९ Added by Finance Act, २०७६ and amended by Finance Act, २०७७. Original provision: "(g1) Remuneration and wage expenses distributed to employees and workers who have not obtained a Permanent Account Number."

१७० Added by Finance Act, २०७६ and amended by Finance Act, २०७७. Provision before amendment: "(ghar) Expenses in respect of invoices exceeding one thousand rupees where the Permanent Account Number is not mentioned."

१७१ Removed by Finance Act, २०८१. Originally there was the word "or."

१७२ Added by Finance Act, २०८१.

१७३ Amended by Finance Act, २०८२. Before amendment, the words "clauses (a), (b), (c), (d) and (e)" existed.

१७४ Amended by Finance Ordinance, २०६०. Before amendment, the words "for a natural person" existed.

१७५ Added by Finance Act, २०६४ and continued, with addition sustained by Finance Act, २०७५.

१७६ Added by Finance Act, २०७९.

१७७ Added by Finance Ordinance, २०६२, but not continued by subsequent Finance Ordinances and Acts. Added provision: "(g1) Special fee paid upon declaration to regularize inventory."

१७८ Added by Finance Act, २०८०.

१७९ Amended by Finance Ordinance, २०६० and continued, with addition sustained by Finance Act, २०७५. Provision before amendment: "in the income computation made by a person."

१८० Amended by Finance Ordinance, २०६०.
Added provision: "(g1) Special fee paid upon declaration to regularize inventory."

१७८ Added by Finance Act, २०८०.

१७९ Amended by Finance Ordinance, २०६० and continued, with addition sustained by Finance Act, २०७५. Provision before amendment: "in the income computation made by a person."

१८० Amended by Finance Ordinance, २०६०. Provision of the original Act: "(2) Where the value of such liability can be determined in a fair and reasonable manner."

१८१ Amended by Finance Act, २०६३ and continued with amendments as follows by subsequent Finance Ordinances and Acts, with amendment sustained by Finance Act, २०७५.

(1) Provision of the original Act: "(3) Notwithstanding anything contained in sub-section (1), in computing income from any investment or business, the Department may, by written notice, in the following circumstances, if tax is reduced, adjust the time of payment to prevent postponement or reduction of payment for tax purposes:

(a) In the following cases,-

(1) Where any expense is deductible in computing income for any income year, but if that person were required to account on a cash basis for tax purposes, that expense would only be deductible in a future income year, or

(2) Where any payment has been received in that income year which, in computing income of a future income year, should only be included, but if that person were required to account on a cash basis for tax purposes, the amount of that payment would be included in the income year in which the payment was received, and

(b) Where any person, by giving or receiving payment in any income year, reduces the total tax payable."

(2) By Finance Ordinance, २०५९, the following sub-section (3A) was added after sub-section (3): "(3A) Notwithstanding anything contained in sub-section (1), the Department may recognize the accounting prescribed by Nepal Rastra Bank under the Nepal Rastra Bank Act, 2058 and prevailing banking laws in respect of banking business."

(3) Sub-section (3) was removed by Finance Ordinance, २०६०.
Original provision: "(3) Notwithstanding anything contained in sub-section (1), in computing income from any investment or business, the Department may, by written notice, in the following circumstances, if tax is reduced, adjust the time of payment to prevent postponement or reduction of payment for tax purposes:

(a) In the following cases,-

(1) Where any expense is deductible in computing income for any income year, but if that person were required to account on a cash basis for tax purposes, that expense would only be deductible in a future income year, or

(2) Where any payment has been received in that income year which, in computing income of a future income year, should only be included, but if that person were required to account on a cash basis for tax purposes, the amount of that payment would be included in the income year in which the payment was received, and

(b) Where any person, by giving or receiving payment in the income year of any income year, reduces the total tax payable."

(4) By Finance Act, २०७१, the following restrictive phrase was included and the amendment continued.

"Provided that a cooperative society may also account for interest income on a cash basis."

१८२ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(4) When computing the income of any person from business or investment on an accrual basis, appropriate adjustments shall be made upon receipt or payment in the following circumstances where differences may arise:

(a) Where that person includes any payment receivable or deducts any payment payable, and

(b) Where after the event mentioned in clause (a), due to differences in currency valuation etc., that person receives or pays a different amount, resulting in a difference in the amount received or incurred."

१८३ Amended by Finance Ordinance, २०६०. Before amendment, the words "reimbursement of amount" existed.

१८४ By Finance Ordinance, २०६०, the words "money or" were removed.

१८५ By Finance Ordinance, २०६०, the words "money and" were removed.

१८६ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "29.
Provision of the original Act: "29. Indirect Payments: Where a person intends to benefit another person from a payment made by the payer or a person related to the payer, the Department may, by issuing a notice in writing, treat such other person or a specified person as the recipient of that payment:

(a) If that other person indirectly benefits from any payment, or

(b) If that other person specifies the person to receive any payment."

१८७ Added by Finance Act, २०६६ and amended by Finance Act, २०७२. Original provision: "Provided that compensation received by a resident natural person for physical injury from a personal accident shall not be included in income, and expenses for treatment of injury from such accident shall not be eligible for tax reconciliation claim under Section 51."

१८८ By Finance Ordinance, २०६०, the word "seller" was removed.

१८९ Amended by Finance Ordinance, २०६२. Before amendment, the words "value transfer" existed.

१९० Added by Finance Act, २०८१.

१९१ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(2) Any amount which, as a result of receipt, is to be included in income when determining the income of that person."

१९२ Amended by Finance Ordinance, २०६० replacing the words "taxable amount."

१९३ Amended by Finance Act, २०७३.
Provision of the original Act: "(2) Any amount which, as a result of receipt, is to be included in income when determining the income of that person."

१९२ Amended by Finance Ordinance, २०६० replacing the words "taxable amount."

१९३ Amended by Finance Act, २०७३. Added by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts as follows, with amendment sustained by Finance Act, २०७५.

(1) Provision of the original Act: "(2) Up to that time, the net outgoing expenditures made in respect thereof shall be deemed to be an amount equal to the receipt amount."

(2) Provision amended by Finance Ordinance, २०६०: "(2) Upon subsequent disposal of such asset, until the time of disposal under this section, the net outgoing expenditures made in respect of such asset shall be deemed to be an amount equal to the receipt amount."

(3) Provision amended by Finance Act, २०६३: "(2) Upon subsequent disposal of such asset, until the time of disposal under this section, the net outgoing expenditures made in respect of such asset shall be deemed to be an amount equal to the receipt amount."

१९४ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

(1) Provision of the original Act: "(2) Up to that time, the net incomes made in respect of the liability under sub-section (1) shall be deemed to be an amount equal to the expenditure amount."

(2) Amendment by Finance Ordinance, २०६०: "(2) Upon subsequent disposal of such liability, until the time of disposal under this section, the net incomes made in respect of the liability under sub-section (1) shall be deemed to be an amount equal to the expenditure amount."

१९५ Added by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

१९६ Amended by Finance Ordinance, २०६०: (Originally the words "taxable" existed.)

१९७ Amended by Finance Act, २०६७ (before amendment, the word "without" existed).

१९८ Added by Finance Act, २०६७ and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

१९९ Amended by Finance Ordinance, २०७८ (by replacing the words "the entity desiring to dispose shall within Asar end of २०७८"), with amendment sustained by Finance Act, २०७८.

२०० By Finance Ordinance, २०६०, the words "Internal Revenue" were removed.

२०१ Amended by Finance Ordinance, २०७८ (before amendment, the words "within Asar end of २०७९" existed), with amendment sustained by Finance Act, २०७८. This provision has been continuously amended from Finance Act, २०६८ and sustained up to २०८०.

२०२ Amended by Finance Act, २०७१.
This provision has been continuously amended from Finance Act, २०६८ and sustained up to २०८०.

२०२ Amended by Finance Act, २०७१. Originally there was the provision of the current sub-section (9).

२०३ Addition sustained by Finance Act, २०७१. Originally contained in the current sub-section (8).

२०४ Added by Finance Ordinance, २०६२ and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

२०५ Amended by Finance Ordinance, २०६०. Provision of the original Act: "(a) A shareholder of any company shall be taxed finally by the method of dividend deduction, and"

२०६ Amended by Finance Ordinance, २०६० and continued, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(b) Other entities shall not be taxed."

२०७ Amended by Finance Ordinance, २०६०. Continued by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(3) Notwithstanding anything contained in sub-section (1), when a resident company distributes dividends to another resident company, excluding dividends distributed to tax-exempt institutions, where the dividend-receiving resident company controls, directly or indirectly, or through one or more related entities, twenty-five percent or more of the voting rights of the dividend-distributing company, then such dividends distributed to that resident company shall be taxable, and"

२०८ Removed by Finance Ordinance, २०६०. Provision of the original Act: "(4) Notwithstanding anything contained in sub-section (3), that sub-section shall not apply in the following circumstances:

(a) Dividends distributed to a company by reason of ownership of redeemable shares of the dividend-distributing company.

(b) Dividends referred to in Section 58."

२०९ Added by Finance Act, २०८१.

२१० Added by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Ordinances and Finance Acts as follows, with amendment sustained by Finance Act, २०७५.

(1) Provision added by Finance Ordinance, २०६०: "(1A) For the purpose of calculating a change of fifty percent or more ownership of an entity as mentioned in sub-section (1), only the following ownership of that entity shall be included:

(a) Ownership taken by a shareholder taking one percent or more of the total ownership of that entity, and

(b) Ownership taken by a related person of a shareholder who takes more than one percent of the total ownership of that entity, among shareholders taking less than one percent of the total ownership of that entity."

२११ Amended by Finance Act, २०७९. The word "shareholder" was replaced by "shareholder or partner".

२१२ Amended by Finance Act, २०७९. The word "shareholder" was replaced by "shareholder or partner".

२१३ Amended by Finance Act, २०७९. The word "shareholder" was replaced by "shareholder or partner".

२१४ Removed by Finance Act, २०६४.
The word "shareholder" was replaced by "shareholder or partner".

२१२ Amended by Finance Act, २०७९. The word "shareholder" was replaced by "shareholder or partner".

२१३ Amended by Finance Act, २०७९. The word "shareholder" was replaced by "shareholder or partner".

२१४ Removed by Finance Act, २०६४. The original Act contained the words "Section 59 or 60".

२१५ By Finance Act, २०८०, the words "of clause (a)" were removed.

२१६ Amended by Finance Act, २०६८. Before amendment, the words "under clause (b) of sub-section (4) of Section 24" existed.

२१७ Amended by Finance Ordinance, २०६० and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(1) If any entity distributes dividends in the following manner, it shall be deemed to have made arrangements to reduce dividend tax:

(a) If profits, current or anticipated, are retained,

(b) If any person acquiring an interest makes any payment to the current or former interest holder of that entity or to a related person of that holder, whether or not related to the acquisition of the interest and whether or not paid at the time of acquisition,

(c) If such payment is reflected in whole or in part in the entity's profits, and

(d) If that entity distributes dividends to such interest acquirer and such dividends cover in whole or in part such profits."

२१८ Added by Finance Ordinance, २०७९ and continued with amendments by subsequent Finance Acts, with the provision as amended by Finance Act, २०७१, sustained by Finance Act, २०७५. Provision added by Finance Ordinance, २०७९: "(1A) A person conducting banking business in accordance with the standards prescribed by Nepal Rastra Bank may deduct as expenditure an amount up to a maximum of five percent of the outstanding loan amount kept in a risk-bearing fund. Any expense written off from profit as bad debt while such risk-bearing fund exists shall not be waived, and any amount in that fund, if capitalized or distributed as profit or dividend, shall be included in the income of the year in which it is distributed."

२१९ Added by Finance Act, २०७१ and continued, with amendment sustained by Finance Act, २०७५.

२२० Ibid.

२२१ Removed by Finance Act, २०६४. Provision of the original Act: "(2) If any person incurs a loss from banking business in any income year, that person may reduce such loss from the income of the past five income years of that business as prescribed. Provided that if an amount under sub-section (1A) has been deducted as expenditure, such loss shall not be reduced."

(This restrictive phrase was added by Finance Ordinance, २०७९.)

२२२ Removed by Finance Act, २०६४.
Provided that if an amount under sub-section (1A) has been deducted as expenditure, such loss shall not be reduced."

(This restrictive phrase was added by Finance Ordinance, २०७९.)

२२२ Removed by Finance Act, २०६४. Provision of the original Act: "(3) When reducing losses under sub-section (2), the following conditions must be met:

(a) Not exceeding any income obtained from that business in the past income year,

(b) The total sum not exceeding the amount of loss,

(c) The amount of unrelieved loss for the purpose of Section 20 shall be reduced. Explanation: For the purpose of this section, "banking business" means banking operations conducted by banks and financial institutions authorized to carry out banking transactions under prevailing law."

२२३ Added by Finance Act, २०६४ and continued, with amendment sustained by Finance Act, २०७५.

२२४ Removed by Finance Act, २०६४. Provision of the original Act: "(3) If any person incurs a loss from a registered general insurance business in any income year, that person may reduce such loss from the income of the past five income years of that business as prescribed."

२२५ Removed by Finance Act, २०६४. Provision of the original Act: "(4) When reducing losses under sub-section (3), the following conditions must be met:

(a) Not exceeding any income obtained from that business in the past income year,

(b) The total sum not exceeding the amount of loss,

(c) The amount of unrelieved loss for the purpose of Section 20 shall be reduced."

२२६ Amended by Finance Ordinance, २०६०. Provision of the original Act: "(2) Premium refund to the insured mentioned in sub-clause (1) of clause (a)."

२२७ Amended by Finance Ordinance, २०६०. Provision contained in the original Act: the words "shall be included in expenses" existed.

२२८ Amended by Finance Act, २०८२. Before amendment, the words "approval of retirement fund" existed.

२२९ Removed by Finance Act, २०८२. Provision sustained before removal: "(1) A resident person desiring to maintain a retirement fund may apply to the Department for approval to maintain the fund, and the Department shall grant approval as prescribed."

२३० Removed by Finance Act, २०८२.

(1) Provision sustained before removal by Finance Act, २०८२: Provided that if the Citizens Investment Fund established under the Citizens Investment Fund Act, 2044, the Social Security Fund established under the Contributory Social Security Act, 2074, or the Employees Provident Fund established under the Employees Provident Fund Act, 2019, and the Pension Fund established under the Pension Fund Act, 2075, desire to maintain a retirement fund or operate a retirement fund, such fund shall not require approval.

(2) Added by Finance Ordinance, २०७९ and sustained by Finance Act, २०७५, with amendment by Finance Act, २०७६.
Provision added by Finance Ordinance, २०७९: "Provided that if the Citizens Investment Fund established under the Citizens Investment Fund Act, 2044 desires to maintain a retirement fund, such fund, and if the Employees Provident Fund established under the Employees Provident Fund Act, 2019 operates a retirement fund, such fund shall not require approval."

२३१ The amendment by Finance Ordinance, २०६० was continued by subsequent Finance Ordinances and Finance Acts, with amendment sustained by Finance Act, २०७५. The original Act contained the words: "may be claimed to be deducted from income."

२३२ Added by Finance Act, २०८२.

२३३ The provision amended by Finance Ordinance, २०६० was continued by subsequent Finance Ordinances and Finance Acts, with amendment sustained by Finance Act, २०७५. The original Act contained the words "applicable to the company."

२३४ Added by Finance Act, २०७५.

२३५ Added by Finance Ordinance, २०७९ (with the words "or retirement payment from the Government of His Majesty the King" and by Finance Act, २०६३, the words "Government of His Majesty the King" were replaced by "Government of Nepal") and continued, with addition sustained by Finance Act, २०७५.

२३६ Added by Finance Act, २०७९ and removed by Finance Act, २०८१. Originally the following provision existed: "Explanation: For the purpose of this section, 'contributory benefit' means a benefit related to retirement contribution made within the limit prescribed under sub-section (3) of Section 63."

२३७ Added by Finance Act, २०६४ and continued, with addition sustained by Finance Act, २०७५.

२३८ Repealed by Finance Ordinance, २०६०, with repeal sustained by Finance Act, २०७५. Provision of the original Act: "66. Expenses and incomes in respect of interest in retirement fund: (1) Expenditure incurred on any asset held as an interest of a natural person in a retirement fund shall include the following amounts:

(a) All retirement contributions made by that natural person in respect of the interest, and

(b) Amounts included in incomes in respect of such asset under sub-section (2) for the period between the date of approval of the fund as an approved retirement fund and the date of termination of approval, where tax has been deposited under sub-section (3) of Section 64 from the fund. Provided that the above amounts shall not be included in expenses referred to in Section 38.

(2) Incomes in respect of any asset held as an interest of any person in an approved retirement fund shall include the deductions claimed by that person under sub-section (2) of Section 63 in respect of such retirement contributions."

२३९ Amended by Finance Ordinance, २०६०. Originally the words "such activities" existed.

२४० Amended by Finance Act, २०८२.
Originally the words "such activities" existed.

२४० Amended by Finance Act, २०८२. Provision sustained before amendment: "(b) 'Liability to be borne in Nepal' means the liability of a resident person."

२४१ Amended by Finance Ordinance, २०६० and continued by subsequent Finance Ordinances and Finance Acts, with amendment sustained by Finance Act, २०७५. Provision of the original Act: "(b) 'Average rate of tax of Nepal' means the rate of tax of Nepal computed as the rate that would be payable by a person mentioned in clause (a) of Section 3 on the taxable income of that person for the year before any foreign tax reconciliation."

२४२ Amended by Finance Act, २०६७. Added by Finance Act, २०६३: "Large Taxpayer Office", by Finance Act, २०६७: "Taxpayer Service Office", and by Finance Act, २०७०: "Medium Taxpayer Office".

२४३ Amended by Finance Ordinance, २०५९. Provision of the original Act: "(1) A taxpayer shall not be entitled to exercise any of the rights mentioned in sub-section (2) without fulfilling the duties required to be performed under this Act."

२४४ Amended by Finance Ordinance, २०७८ (before amendment, the words "shall provide at the Department or at any other place as required by the Department or by any means" existed), with amendment sustained by Finance Act, २०७८.

२४५ Added by Finance Act, २०८१.

२४६ Added by Finance Act, २०६४ and continued, with amendment sustained by Finance Act, २०७५.

२४७ Amended by Finance Act, २०६३ and continued with amendments by subsequent Finance Acts, with amendment sustained by Finance Act, २०७५.

(1) Provision of the original Act: "(1) Subject to this Act, for the purpose of identifying any person, the Department shall issue an identification document called a Permanent Account Number to such person."

(2) Provision amended and sustained by Finance Act, २०६३: "(1) Subject to this Act, for the purpose of identifying any person, the Department shall issue an identification number called a Permanent Account Number to such person. Provided that an entity approved by the Department may, upon completing the procedure under this Act, issue such Permanent Account Number. A taxpayer receiving a Permanent Account Number so issued shall not engage in import-export transactions until the period specified by the Department."

२४८ Amended by Finance Act, २०६५. The words "the Department to any person" in the original Act were replaced by

305 Added by the Economic Act, 2072, and continued with amendments by subsequent Economic Acts, and amended by the Economic Act, 2075. 306 Omitted by the Economic Act, 2076. Previous provision: contained the words "Tax on rental income from a house not related to the business of a natural person shall be within the end of Asar of the current year and".
306 Omitted by the Economic Act, 2076. Previous provision: contained the words "Tax on rental income from a house not related to the business of a natural person shall be within the end of Asar of the current year and". 307 Amended by the Economic Ordinance, 2060, and continued by subsequent Economic Acts, and amended by the Economic Act, 2075: Provision of the original Act: "(5) If a person required to deduct advance tax under the following fails to deduct or deposit such tax, both the person from whom the tax is to be deducted and the person deducting such advance tax shall be jointly and severally liable to deposit such tax amount in the Department:-

(a) If the person deducting advance tax fails to deduct tax from any payment under Section 87, 88 or 89, and

(b) If the person deducting advance tax fails to deposit in the Department the amount deemed to have been deducted under subsection (3) within the date required to deposit tax under subsection (4)."

308 Amended by the Economic Act, 2073, and amended by the Economic Act, 2075. 309 Ibid. 310 Ibid.

(212)

311 Added by the Economic Act, 2064, and continued with amendments by subsequent Economic Acts, and amended by the Economic Act, 2075. 312 Added by the Economic Act, 2073. 313 Amended by the Economic Act, 2073, and amended by the Economic Act, 2075. 314 Amended by the Economic Act, 2070, and continued with amendments by subsequent Economic Acts, and amended by the Economic Act, 2075. Previously contained the words "within fifteen days". 315 Added by the Economic Act, 2073, and amended by the Economic Act, 2075. Previously contained the word "Company". 316 Amended by the Economic Act, 2066, and continued by subsequent Economic Acts, and amended by the Economic Act, 2075.

(1) Provision of the original Act: "(c) Profit paid by a resident person as consideration for investment,"

(2) Provision as amended (added) and continued by the Economic Act, 2064: "(c) Profit paid by a resident person as consideration for investment and payment of compensation for personal accident,"

(3) Provision as amended and continued by the Economic Act, 2065: "(c) Profit paid by a resident person as consideration for investment and payment for personal accident,"

(4) Provision as amended and continued by the Economic Act, 2066: "(c) Profit paid by a resident person as consideration for investment insurance."

317 Amended by the Economic Ordinance, 2059. Provision of the original Act: "(e) Interest paid by a bank or financial institution as mentioned in subsection (3) of Section 88, and"

318 Added the words "or cooperative" by the Economic Act, 2072.
Provision of the original Act: "(e) Interest paid by a bank or financial institution as mentioned in subsection (3) of Section 88, and"

318 Added the words "or cooperative" by the Economic Act, 2072. 319 Amended by the Economic Act, 2073, and amended by the Economic Act, 2075. 320 Added by the Economic Ordinance, 2060, and continued with amendments by subsequent Economic Acts, and amended by the Economic Act, 2075. 321 Added by the Economic Ordinance, 2060, and amended as follows, and amended by the Economic Act, 2075.

(1) Added provision: "(j) Meeting allowance, payment for occasional teaching, payment for preparing question papers, and payment for checking answer books."

(2) Provision added by the Economic Act, 2072: "(j) Meeting allowance, payment for occasional teaching,"

(3) The provision added by the Economic Act, 2072 was continued by the Economic Acts, 2073 and 2074.

(213)

322 Added by the Economic Act, 2066, and continued with amendments by subsequent Economic Acts, and amended by the Economic Act, 2075. 323 Added by the Economic Act, 2070, and continued with amendments by subsequent Economic Acts, and amended by the Economic Act, 2075. 324 Amended by the Economic Act, 2082.

(1) Provision amended by the Economic Ordinance, 2078 prior to amendment by the Economic Act, 2082, with such amendment continued by the Economic Act, 2078: "(t) Payment for rental or transport service of vehicle or conveyance of a natural person other than a sole proprietorship firm."

(2) Provision added and continued as amended by the Economic Act, 2075: "(t) Payment for rental of vehicle or transport service of a natural person other than a sole proprietorship firm."

325 Continued by the Economic Act, 2073, and subsequent Economic Acts, and amended by the Economic Act, 2075. 326 Added by the Economic Act, 2067, and continued by subsequent Economic Acts, and amended by the Economic Act, 2075. 327 Amended by the Economic Ordinance, 2060, and continued, and amended by the Economic Act, 2075. Provision of the original Act: "94.
326 Added by the Economic Act, 2067, and continued by subsequent Economic Acts, and amended by the Economic Act, 2075. 327 Amended by the Economic Ordinance, 2060, and continued, and amended by the Economic Act, 2075. Provision of the original Act: "94. Deposit of tax in installments: (1) A person having or likely to have taxable income from any business or investment in any year shall deposit tax in three installments as follows:-

 Date by which to deposit Amount to be deposited

 By the end of Poush month 40% of the estimated tax exceeding the tax already paid
 By the end of Chaitra month 70% of the estimated tax exceeding the tax already paid
 By the end of Ashadh month 100% of the estimated tax exceeding the tax already paid

Explanation: For the purpose of this subsection,-

(a) "Estimated tax" means the estimated tax of the installment calculated under Section 95 by a person required to deposit tax in installments at the time of depositing the installment tax for any year.

(b) "Tax already paid" means the total sum of the following:-

(1) The amount of tax deposited in that income year by prior installment under this Section before the date of depositing the respective installment,

(2) The amount of tax deducted from payments that are to be included in computing the income of that person in that year under Chapter 17 before the date of depositing the respective installment in that income year,

(3) If the tax withholding agent or the person from whom tax is deducted has deposited in the Department the amount deemed to have been deducted under subsection (3) of Section 90 from the payments referred to in sub-clause (2) before the date of depositing the installment, such tax amount, and

(4) The medical treatment expense tax adjustment amount that such person may claim under Section 51 in respect of approved medical treatment expenses incurred by that person before the date of depositing the installment."

328 Added by the Economic Act, 2072. 329 Amended by the Economic Ordinance, 2060, and continued, and amended by the Economic Act, 2075. Previously contained the words "installment amount". 330 Amended by the Economic Act, 2076. Previously contained the words "five thousand". 331 Added by the Economic Act, 2081. 332 Added by the Economic Ordinance, 2059, and continued, and amended by the Economic Act, 2075. 333 Amended by the Economic Ordinance, 2059. The previously existing words "or where it is prescribed that a person must submit an estimate to pay the tax installment under subsection (6)" were omitted.
332 Added by the Economic Ordinance, 2059, and continued, and amended by the Economic Act, 2075. 333 Amended by the Economic Ordinance, 2059. The previously existing words "or where it is prescribed that a person must submit an estimate to pay the tax installment under subsection (6)" were omitted. 334 When Section 95ka was added by the Economic Act, 2066, the provision remaining in this subsection: "(6) The amount of advance tax collected or the amount deemed to have been collected under clause (a) of subsection (3) along with the details mentioned in subsection (5) shall be deposited in the Department within the period under that subsection."

(2) Provision amended and continued by the Economic Act, 2073: "(6) Except as provided in subsection (5), the Land Revenue Office shall collect advance tax at the rate of ten percent at the time of registration on the gain from the transfer of land or building owned by any other person."

(3) Provision amended and continued by the Economic Act, 2075: "(6) Except as provided in subsection (5), the Land Revenue Office shall collect advance tax at the rate of ten percent at the time of registration on the gain from the transfer of land or building owned by any other person."

335 Amended by the Economic Ordinance, 2078, with the amendment continued by the Economic Act, 2078. Before amendment, contained the words "five percent of the gain amount in the case of a resident natural person".

(215)

336 Amended by the Economic Act, 2075. Previously contained the words "at the rate of ten percent of the gain amount in other cases". 337 Amended by the Economic Act, 2075. 338 The restrictive phrase added by the Economic Act, 2070 was omitted by the Economic Act, 2073: "Provided that this subsection shall not apply in the case of transfer of interest invested by a mutual fund."

339 Added by the Economic Act, 2076. 340 Amended by the Economic Act, 2073.
338 The restrictive phrase added by the Economic Act, 2070 was omitted by the Economic Act, 2073: "Provided that this subsection shall not apply in the case of transfer of interest invested by a mutual fund."

339 Added by the Economic Act, 2076. 340 Amended by the Economic Act, 2073. Previous provision: "(3) The Land Revenue Office shall collect advance tax at the time of registration on capital gain from the transfer of land or private building of a natural person as follows:-

(a) At the rate of two point five percent if the ownership of the transferred non-business taxable asset (land and building) is for five years or more,

(b) At the rate of five percent if the ownership of the transferred non-business taxable asset (land and building) is for less than five years;"

341 Omitted by the Economic Ordinance, 2078, with the amendment continued by the Economic Act, 2078.

(1) Previous provision: "(4) Even if the person required to collect advance tax under subsections (1), (2) and (3) fails to collect the advance tax, it shall be deemed to have been collected at the time it should have been collected."

(2) Provision amended by the Economic Act, 2073: "(4) Notwithstanding anything contained in subsection (2), no advance tax shall be collected in the case of transfer of interest invested by a mutual fund."

342 Amended by the Economic Act, 2079. Before amendment, contained the words "at the rate of two point five percent". 343 Amended by the Economic Act, 2079. Before amendment, contained the words "at the rate of five percent". 344 Amended by the Economic Act, 2076. Provision before amendment: "(6) Except as provided in subsection (5), the Land Revenue Office shall collect advance tax at the rate of ten percent at the time of registration on the gain from the transfer of land or building owned by any other person."

345 Added by the Economic Act, 2077. 346 Added by the Economic Ordinance, 2078, and continued with amendment by the Economic Act, 2078. Provision added by the Economic Ordinance, 2078: "(6ka) When a person receives payment in foreign currency for providing software or other electronic services of a similar nature outside Nepal, the concerned bank, financial institution, and money transfer institution shall collect advance tax at the rate of one percent of the amount of such payment received."

347 Amended by the Economic Act, 2080. Previously contained the word "one". 348 Added by the Economic Act, 2078. 349 Amended by the Economic Act, 2080. Previously contained the word "one". 350 Added by the Economic Act, 2078. 351 Amended by the Economic Act, 2080. Previously contained the word "one". 352 Added by the Economic Act, 2080.
Previously contained the word "one". 348 Added by the Economic Act, 2078. 349 Amended by the Economic Act, 2080. Previously contained the word "one". 350 Added by the Economic Act, 2078. 351 Amended by the Economic Act, 2080. Previously contained the word "one". 352 Added by the Economic Act, 2080. 353 Omitted by the Economic Act, 2062.

(1) Provision as amended and continued by the Economic Act, 2081 before being omitted by the Economic Act, 2082: (7) Advance income tax shall be collected at the customs point on the following goods imported for commercial purposes under the prevailing customs duties law as follows:-

(a) Ten percent on the value determined for customs purposes on live animals falling under Chapter 1 of the Customs Tariff, meat and edible offal falling under Chapter 2, all types of fish products except seeds falling under Chapter 3, flowers and other products falling under Chapter 6, edible vegetables and certain roots and tubers falling under Chapter 7, edible fruits and nuts and other products falling under Chapter 8.

(b) Two point five percent on the value determined for customs purposes on dairy produce, eggs, honey and other products falling under Chapter 4, all types of cereals except seeds falling under Chapter 10, products of flour, gram flour and other mill products falling under Chapter 11, medicinal plants, sugarcane falling under Chapter 12, and vegetable products falling under Chapter 14. Provided that on imports of goods subject to value added tax, only one point five percent advance income tax shall be collected.

(2) Previous provision added by the Economic Act, 2075, and added to and amended by the Economic Acts, 2076 and 2080: (7) Advance income tax shall be collected at the customs point at the rate of five percent on the value determined for customs purposes on live buffaloes, buffaloes, goats, rams, sheep, lambs falling under Chapter 1, live, fresh and frozen fish falling under Chapter 3, fresh flowers falling under Chapter 6, fresh vegetables, potatoes, onions, dry vegetables, garlic, baby corn falling under Chapter 7, and fresh fruits falling under Chapter 8, and at the rate of two point five percent on meat falling under Chapter 2, dairy products, eggs, honey falling under Chapter 4, millet, buckwheat, amaranth, rice, groats falling under Chapter 10, flour, gram flour and mill products falling under Chapter 11, medicinal plants, sugarcane falling under Chapter 12, and vegetable products falling under Chapter 14, imported for commercial purposes. Provided that on imports of goods subject to value added tax, one point five percent advance income tax shall be collected. 354 Amended by the Economic Act, 2082.
Provided that on imports of goods subject to value added tax, one point five percent advance income tax shall be collected. 354 Amended by the Economic Act, 2082. Provision as amended and continued by the Economic Act, 2075 before amendment: "(8) Even if the person or body required to collect advance tax under subsections (1), (2), (5) and (6) fails to collect the advance tax, it shall be deemed to have been collected at the time it should have been collected."

355 Amended by the Economic Act, 2075. 356 Amended by the Economic Act, 2076.

(1) When Section 95ka was added by the Economic Act, 2067, the provision remaining in this subsection: "(10) In the following circumstances, the person required to deposit advance tax shall be entitled to reduce the annual tax liability payable."

(2) Provision amended and continued by the Economic Act, 2073: "(10) In the following circumstances, both the person required to deposit advance tax and the person required to collect advance tax shall be jointly and severally liable to deposit such amount in the Department:-

(a) If the person required to collect advance tax fails to collect the advance tax, and

(b) If the person required to collect advance tax fails to deposit in the Department the amount deemed to have been collected under subsection (7) within the period under subsection (9)."

(3) Provision amended and continued by the Economic Act, 2075: "(10) The amount of advance tax collected or the amount deemed to have been collected under subsection (7) along with the details mentioned in subsection (8) shall be deposited in the Department within the period under that subsection."

357 Amended by the Economic Act, 2075. 358 Amended by the Economic Act, 2076. 359 Amended by the Economic Act, 2076. 360 Amended by the Economic Act, 2076. 361 Amended by the Economic Act, 2076. 362 Amended by the Economic Act, 2076. 363 Amended by the Economic Act, 2076. 364 Added by the Economic Act, 2075. 365 Added by the Economic Act, 2081. 366 Omitted by the Economic Ordinance, 2060, and continued by subsequent Economic Acts, and amended by the Economic Act, 2075. Provision of the original Act: "(4) Any amount of tax deducted, installments, or determined tax deposited in that year by a person to allow tax adjustment under Section 93, 94 or 100,"

367 Omitted by the Economic Ordinance, 2060, and continued by subsequent Economic Acts, and amended by the Economic Act, 2075.