(a) Shisir furnished you following particulars of income and expenses for the previous income year. i. Income from profession Rs. 200,000 ii. Mining…
BBS Taxation in Nepal · 2079 · Solved Question with Answer
(a) Shisir furnished you following particulars of income and expenses for the previous income year.
i. Income from profession Rs. 200,000
ii. Mining rent (natural resources after TDS) Rs. 510,000
iii. Lottery income received after TDS Rs. 25,000
iv. Gifts & present received in respect of investment Rs. 100,000
v. Birthday gifts received Rs. 5,000
vi. Dividend received foreign and domestic country Rs. 50,000each
vii. Rent from building Rs. 100,000
viii. Rent received from property after TDS Rs. 180,000
ix. Gain on sales of vacant agriculture land Rs. 120,000
x. Interest received from saving deposit Rs. 42,500
xi. Interest received from local money transaction Rs. 60,000
He claimed the following expenses to deduct.
i. Collection charge related with natural resources Rs. 10,000
ii. One and half month equal commission paid to agent for natural resources.
iii. Other allowable investment related expenses Rs. 45,000
iv. Insurance premium of building Rs. 6.000
v. Donation paid to red cross society amount Rs. 20,000
Required: a. Net assessable income from investment
b. Statement of total taxable income
(b) State the business on which additional depreciation (1/3 of the depreciation base) is allowed as per Income Tax Act. 2058