Income tax ceiling increased for middle class people

Kathmandu, July 15 – The budget presented by finance minister Shankar Prasad koirala for the year 2013-14 has increased the income tax ceiling for middle class families and salaried persons.

 

 As per the announcement on Sunday, person earning up to Rs 200,000 will now be excused from the tax. In case of married couples, the tax will be waived for an annual income of up to Rs 250,000.

 

Earlier, incomes up to Rs 160,000 and 200,000 were exempted from income tax for individuals and married couples respectively. However, one percent social security tax is mandatory.

 

As per ministry of finance, "Nepal government has taken this decision to benefit the middle class people considering their raising expenses."

 

Aarthiknews