Section 20 Of Income Tax Act

Income tax act 2007.
Section 20 of income tax act. As per income tax act any specified person making a specified payment is required to deduct tax at specified rates if the payment exceeds a certain threshold. 3 this act shall come into force immediately. Commencement see section a 2.
Scope of total income. Tds stands for tax deducted at source. All about provision of section 206c 1h of income tax act 1961 tax collection at source for traders.
Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. The basic rule is that in terms of section 20 1 a of the act a company that fails to trade during the whole of a tax year forfeits the right to carry forward into that year the balance of an assessed loss from the immediately preceding tax year. The provision of said section will be effective from 01 10 2020.
2 this act shall come into force throughout nepal and also apply to the resident person in any place outside the nepal. Short title and commencement. Income when refund given on death.
1 this act may be called as the income tax act 2058 2002. Date of assent 1 november 2007. To consolidate the law relating to the taxation of incomes and donations.
1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions 18 deductions 22 ceasing to carry on business. 1961 income tax department all acts income tax act 1961. Changes authorised by subpart 2 of part 2 of the legislation act 2012 have been made in this official reprint.