Income from employment BBS 3rd year part 1 ( Assessable income from employment )

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(BBS 3rd Year)

Income From Employment:
Employment is a contract of service between two parties – employer and employee in which employer makes a regular payment of salary, wages or allowances to the employee.

Section 22.2 – the employment income and investment income of an individual are to be assessed on a cash basis of accounting.

Amounts to be included in Employment Income: All benefits received in connection with employment such as:

1. Wages, Salary, Leave pay, fees, commission, prizes, gifts, bonuses and other facility.
2. Payment of any personal allowance, including any cost of living, subsistence, rent, entertainment and transportation allowances
3. Payments providing any discharge or reimbursement of costs incurred by the individual or an associate of the individual
4. Payments for the individual’s agreement to any conditions of the employment.
5. Retirement contributions (i.e. PF, Gratuity etc.) including those paid by the employer to a retirement fund in respect of the employee.
6. Other payments made in respect of the employment and other quantified perquisites such as motor vehicle or free accommodation
Assessable income from employment of mr/ mis …
For the income year 2075/076
Particular Amount(Rs)
Salary (W N)(per month *12) ***
Dashain allowance (govt) other(given) ***
Allowable allowance (pm*12) ***
Contribution to provident fund (RF) 10% total salary (other given) ***
Free accommodation (total salary*2%) ***
Vehicle facility (total salary *0.5%) ***
Under payment loan( TA*(MR-OR) ***
Cook facility (O P- O D) ***
under payment interest on loam( loan amount*market rate-office rate)**

Assessable income from employment ***

Amounts Not-Included in Employment Income:
1. Amounts exempt from tax u/s 10.
2. Final withholding payments under section 92.
3. Meals and refreshments provided to employees at business premises/work sites if provided to all employees under equal terms.
4. Settlement by or reimbursement to an employee of expenses incurred solely for the purpose of business.
5. Payments by the employer for petty expenses relating to tea expenses, stationery, tips, prizes and emergency medical treatment up to NPR 500 at a time whose accounting is not practical or administratively difficult.
6. Other notified amounts by IRD (e.g. encashment of leave accrued before Chaitra 19, 2058 i.e. before enactment of the Income Tax Act, 2058).

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