Kathmandu. FY 2083. 84 begins tomorrow, Friday, July 1. The new rate of income tax announced in the budget for this fiscal year is being implemented through the Finance Act.
According to the Finance Act, the biggest change in the tax rate is going to be in the Income Tax Act. From July 17, only 1 percent tax will be levied on income up to Rs 1 million earned by a natural person. On top of that, the income tax slab and rate are also changing.
Now, income between Rs 10 lakh and Rs 15 lakh will be taxed at 10 per cent, income between Rs 1 million and Rs 25 lakh will be taxed at 20 per cent, income between Rs 25 lakh and Rs 40 lakh will be taxed at 27 per cent, and income above Rs 4 million will be taxed at 29 per cent.
FY 2082. In 83, the rate is up to 39 per cent and the 1 per cent slab is only Rs 5 lakh.
