Income Tax Act, 2058ITA

Purpose: To amend and consolidate income tax law and make revenue collection effective.

Structure: 24 chapters, Sections 1-143 in the consolidated text.

Key provisions for bankers:

• Chapter 2: tax bases (employment, business, investment income).
• Chapter 11 (Section 59): banking business income is computed separately from other businesses, and a banking loss may be carried back against income of the past five years from that business.
• Chapter 17 (Sections 87-93): withholding: by employers on salary (Section 87), on investment returns such as interest and on service fees (Section 88), on contract payments (Section 89); statement and deposit of withheld tax (Section 90); withholding certificates (Section 91); final withholding (Section 92).
• Chapter 18: instalment (advance) tax; Chapter 19: returns and assessment; Chapter 21: review and appeal.

Amendments: amended almost every year through the annual Finance Acts (2075 to 2079 listed in the consolidated text) and omnibus amendment Acts.

Rates change through the annual Finance Act, so check the current Finance Act for TDS rates.

Banks deduct TDS on deposit interest and staff salaries, deposit it with the Inland Revenue Department and issue certificates; the bank's own corporate tax is computed under Section 59 rules.

उद्देश्य: आयकर सम्बन्धी कानून संशोधन र एकीकरण गरी राजस्व सङ्कलन प्रभावकारी बनाउने।

संरचना: २४ परिच्छेद, दफा १ देखि १४३।

बैङ्करका लागि मुख्य व्यवस्था:

• परिच्छेद ११ (दफा ५९): बैङ्किङ व्यवसायको आय अन्य व्यवसायबाट छुट्टै गणना गर्ने र नोक्सानी विगत पाँच वर्षको सोही व्यवसायको आयबाट घटाउन सकिने।
• परिच्छेद १७ (दफा ८७-९३): रोक्का कर: रोजगारदाताले तलबमा (दफा ८७), ब्याज जस्ता लगानी प्रतिफल र सेवा शुल्कमा (दफा ८८), ठेक्का भुक्तानीमा (दफा ८९); रोक्का करको विवरण र दाखिला (दफा ९०), अन्तिम रोक्का (दफा ९२)।
• परिच्छेद १८: किस्ताबन्दी कर; परिच्छेद १९: आय विवरण।

करका दर वार्षिक आर्थिक ऐनले तोक्छ।

बैङ्कले निक्षेपको ब्याज र कर्मचारीको तलबमा अग्रिम कर कट्टी गरी आन्तरिक राजस्व विभागमा दाखिला गर्छ।