Income tax limit likely to incur a loss of over Rs 20 billion

24 Jan 2025

Income tax limit likely to incur a loss of over Rs 20 billion
KATHMANDU: Twenty billion rupees is likely to be lost in the current income tax owing to the income tax limit proposed by the government in the fiscal budget 2079/80. Ritesh Kumar Shakya, the director general of the Inland Revenue Department, said that the existing provision of the Inland Revenue Department is estimated to slash the revenue by Rs 20 to 25 billion. Only 1 percent tax will be levied on the person earning up to Rs 600,000 annually from the next Fiscal Year, according to the proposed fiscal budget. Such a limit has been set at 500,000 for a single person. At present, couples are r... Read More
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