Kathmandu. The government has set a new rate of income tax for the current fiscal year.

The government has implemented the new tax rate from the budget of the current fiscal year. These rates have come into effect from July 1. There is a limit on family exemption and income for single individuals and couples.

The government has reduced the tax on the upper amount of income tax from the current fiscal year and increased the amount of taxable income in the minimum amount.

Income will be taxed up to a maximum of 29 percent from July 17. Previously, it was 39 percent.

According to the Inland Revenue Department, there are various limitations on the taxable income of a natural person.

According to the Income Tax Act, 2058, the tax rate applicable to natural persons has been issued for the income year 2083/84.

According to the department, income up to Rs 10 lakh will be taxed at 1 percent. Income above Rs 10 lakh will be taxed at 10 per cent.

Similarly, income above Rs 15 lakh will be taxed at 20 per cent, while income above Rs 25 lakh will be taxed at 27 per cent. If you have a taxable income of Rs 4 million or more, you will be taxed at 29 percent.

Similarly, a person with a taxable income of Rs 60 lakh has to pay Rs 12.45 lakh.