tax theory

Question 1

disposal of assets 40(3)

Answer 1

,

Question 2

jeopardy tax assessment 100

Question 3

notice of tax assessment 102

Question 4

foreign tax credit

Answer 4

71

Question 5

residency both natural person and entity

Question 6

quantification of perquisites

Answer 6

27

Question 7

deemed disposal of asset

Answer 7

40(3)

Question 8

investment under joint ownership

Question 9

advance tax on listed and unlisted securities

Question 10

fines interest on 117 118 119

Question 11

tax on agricultural income

Answer 11

Agriculture income of a natural person, except derived as follows, is exempt from tax:
a. In case a person generates agriculture income by doing business through registration of
private firm, partnership, company or corporate body.
b. In case the person holds land for industrial purpose as an industrial unit as specified by a
notification from GON and as per the terms of the notification under Section 12 (d) of Land
Act, 2021 generates agriculture income from such land; and
c. An agro-industrial unit holding land for agro- based industries as specified by a
notification from GON and as per the terms of the notification under Section 12 (e) of Land
Act, 2021, generates agriculture income from such land.

Question 12

company

Answer 12

Company means any company incorporated under prevailing company law and the following
organizations are also treated as company for tax purpose:
1. Any organized institutions established under prevailing law (e.g. ICAN, Tribhuwan
University, Kathmandu University, etc.)
2. Any unorganized association, committee, organization, or society, or group of persons
except private firm and partnership, or trust
3. Partnership firm having 20 or more partners whether registered or not under prevailing
law, Retirement Fund, Cooperatives, Unit Trust, Joint Venture
4. Foreign Company
5. Any foreign organization as prescribed by Director General