First Business News Portal in English from Nepal
KATHMANDU: The Inland Revenue Department (IRD) has made public the new income tax slab and the tax rate to be levied on it.
The government had announced revision in the income tax slabs through the budget for 2022-23 fiscal year.
Accordingly, the IRD has made public the tax limit and tax rates on Monday. As per IRD, 1 percent tax has been fixed for unmarried people earning Rs 500,000 annually. Similarly, 1 percent tax has been set for married people earning up to Rs 600,000.
Similarly, 10 percent tax will be levied on unmarried people earning Rs 500,000 to Rs 700,000 anually and married ones earning Rs 600,000 to Rs 800,000. In addition, unmarried people earning between Rs 700,000 and Rs 1,000,000 and married people earning more than Rs 800,000 and up to Rs 1,100,000 will have to pay 20 percent tax.
Likewise, a single person earning between Rs 1 million to Rs 2 million annually and a married ones earning between Rs 1.1 million to Rs 2 million will have to pay 30 percent tax.
Those unmarried individuals earning more than Rs 2 million will be taxed 36 percent and while married individuals earning more than Rs 2 million will face 20 percent tax on any additional taxable amount.
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