# Tax Paying Portal

## Project Overview
User should be able to make tax payment with this portal. There are numerous condition for payments , payment amounts - those should be handled by the system.

## Features
1. User login - VAT/PAN
2. Something to do with verification of VAT/PAN with user
3. Listing/Payment option for different types of tax for different user type
4. Required parameters for different types of taxes
5. Calculation of total amount with/showing different categories
6.

## Income Tax Research
1. Public Circulars: Just notice regarding IRD matters/Not necessary for our project

2. Presumptive Tax: Yearly paid
a. Person with income upto Rs 2lakh or firms with business upto rs 20lakh(income source in Nepal) and chooses presumptive tax option:
i) Taxable person from Metropolitan city and sub-metropolitan city Rs 5000/yearly
ii) Taxable person from Municipality Rs 2500/yearly
iii) Taxable person from other areas Rs 1500/yearly
b. Firms' business more than Rs 20lakh and less than Rs 50lakh(income source in Nepal), not registred in VAT,not earned as Consulting or Physician services:
i) Person who sells cigs,gas with 3% commission or additional amount are liable of 0.25% of the total income.
ii) Businesses other than mentioned in the first one are liable of 0.75% of the total income.
iii) Service based business are liable of 2% of the total income.
c. Person owning the public buses are liable of paying following tax per vehicle:
i) Minibus,Minitruck,Truck, Bus : Rs 3000/vehicle
ii) Car,Jeep,Van,Microbus : Rs 2400/vehicle
iii) 3-wheelers,auto-rickshaw,tempo: Rs 1550/vehicle
iv) Tractor and power trailors: Rs 1000/vehicle
Required docs:
Income source documents
3. Natural person:
a. Income Tax(Single): For upto 350000 : 1%
For upto 450000 : 1% upto 350000 and 15% for remaining
For upto 25,00,000 : 1% upto 350000,15% for another 1,00,000 and 25% for remaining
More than 25,00,000 : 1% for 350000, 15% for 100000, 25% for 2150000 and 25% for 2500000 and more 40% for more than 2500000
b. Income Tax(Double/Couple): For upto 400000 : 1%
For upto 500000 : 1% for 400000 and 15% for remaining
For upto 2500000 : 1% for 400000, 15% for 100000, 25% for remaining
For more than 2500000 : 1% for 400000, 15% for 100000, 25% for 2100000 and 25% for 2500000 and more 40% for more than 2500000
c. Income Tax (Single Properiertorship): For upto 350000 : no tax
For upto 450000 : NO tax upto 350000 and 15% for the rest upto 450000
For upto 2500000 : No tax upto 350000, 15% tax for remaining 100000 upto 450000 and 25% tax for remaining
For more than 2500000 : No tax upto 350000, 15% tax for remaining 100000, 25% tax upto 2500000 and 35% tax for more than 2500000
d. Income Tax (Couple Properiertorship): For upto 400000 : no tax
For upto 500000 : NO tax upto 400000 and 15% for the rest upto 500000
For upto 2500000 : No tax upto 400000, 15% tax for remaining 100000 upto 500000 and 25% tax for remaining
For more than 2500000 : No tax upto 400000, 15% tax for remaining 100000, 25% tax upto 2500000 and 35% tax for more than 2500000
4. Interest and Penalty: for not paying timely-interest, trying to cheat/not submitting required docs-penalty
Interest= 15% yearly

# Capital Gain Tax

-Partnership firm, company, organization's professional properties, share, equity, or depriciable assets can be included in the income and tax can be imposed while they are sold. - 10% for natural people.

## In the case of profit on shares listed in Nepal stock exchange
* Natural People - 5%
* Others - 10%

## In the case of share not listed in Nepal stock exchange
* Natural People - 10%
* Others - 15%

#### If the selling price is less than buying price, the loss can be adjusted with other capital gain tax headings.

## House/Land
* No tax will be charged if - Amount less than 30 lakhs. Handed over within three generations and owned by the owner for 10 years or more.

* If the land owner has owned it for
* less than 5 years - 5%
* from 5-10 years - 2.5%
* Above 10 years - No tax

* For handing over family heirlooms, no tax will be charged if the properties aren't recently sold or bought.
* If the person has to choose residental house from multiple house, the one with area less than 1 ropanee is considered.

# TDS on Remunaration

## TDS on salary:

### Payment for single individual:

* Income less than 3,50,000:
For first 3,50,000 - 1%
* Income up to 4,50,000:
For first 350,000 - 1%
For remaining amount - 15%
* Income up-to 25,00,000:
For first 3,50,000 - 1%
For next 1,00,000 - 15%
For remaining amount - 25%
* Income more than 25,00,000:
For first 3,50,000 - 1%
For next 1,00,000 - 15%
For next 21,50,000 - 25%
For remaining amount - 40%

### For married:
* Income less than 4,00,000:
For first 4,00,000 - 1%
* Income up to 5,00,000:
For first 4,00,000 - 1%
For next 1,00,000 - 15%

## For differently able:
* 50% reduced from the 1% TDS

## For labor worker and female:
* 10% off from total TDS

## Additional conditions:
* Bonus, allowance is to be included in this
* not sure about PF
* In case of medical expenses provided by the employer, at most Rs. 750 is free to tax. (However, proof is needed)
* For donations, the smaller amount among 1,00,000 or 5% of total of taxable salary is free of tax. (Proof of income needed.)
* Up-to 20,000 exempted for Life Insurance and up-to 25,000 exempted from medical insurance.

## Tax refund
* Tax can be refunded if the tax payer has paid more tax that he is supposed to. To claim back the money, proof of income has to be shown.
* This is not applicable for remaining or unused allowance from medical allowance - medical tax and foreign tax

## Tax exempted organizations
* Tax has to be paid for the income from house rent, service, contract work despite exemption
* Tax has to be paid on salary

## Tax for income from foreign source
tdb

* Tax exempted for individuals earning with agriculture

## House rent
* 10% tax on house rent

## Excise Duty
* A fixed percentage tax levied on business/company/industry's revenue generated from manufacture,sales or investment.
* Excise duty price levied based on:
i) Price taken at the time of sale of exciseable goods to the wholesaler
ii) Price fixed by department based on cost of production