(a) Susan furnished you following particulars of income and expenses for the previous income year: i. Rent from natural resources after TDS — Rs.…
BBS Taxation in Nepal · 2080 · Solved Question with Answer
(a) Susan furnished you following particulars of income and expenses for the previous income year:
i. Rent from natural resources after TDS — Rs. 510,000
ii. Consultation fees received after TDS — Rs. 170,000
iii. Casual income received after TDS — Rs. 75,000
iv. Gifts received in respect of investment — Rs. 100,000
v. Birthday gifts received — Rs. 10,000
vi. Dividend received foreign and domestic country — Rs. 50,000 and Rs. 20,000 respectively
vii. House rent received — Rs. 85,000
viii. Rent received from plant and machinery after TDS — Rs. 90,000
ix. Gain on sales of vacant agriculture land — Rs. 100,000
x. Interest received from bank deposit — Rs. 19,000
xi. Interest received from indigenous bankers — Rs. 50,000
He claimed the following expenses to deduct:
i. Collection charge related with natural resources Rs. 3,000.
ii. One month equal commission paid to agent for natural resources.
iii. Other allowable investment related expenses Rs. 45,000.
iv. Life insurance premium Rs 3,000 per month policy of Rs. 500,000.
Required:
a. Net assessable income from investment
b. Statement of total taxable income
(b) What are the incomes that should be excluded while calculating employment income as per the section 10 of the Income Tax act, 2058.