Kathmandu, Banks and financial institutions have been giving loans in accordance with the policy of the National Bank and in accordance with the internal arrangements of the institution to conduct any business when required.
Banks and financial institutions are providing insufficient capital in the form of a loan if any procedure is followed. Any Nepali citizen can take a loan as per the requirement by completing the process as demanded by the bank financial institution by making an agreement to repay in the future.
Until yesterday, some arrangements have been changed for new customers who want to take loans from borrowers who have taken loans from banks. Accordingly, customers who want to buy a car from a bank or finance company or to buy an industry, real estate, business, or any kind of non-business loan will have to submit a certificate of payment of annual income tax. Previously, borrowers did not have to submit proof of tax payment.
Loans from banks
- Loans are given on the basis of working capital
-Overdraft loan
-Personal loan
- Term loan
-Harrier purchase loan
- Poor class loans
Concessional Loans (Includes 7 Types of Loans)
-Educational loan
-Real estate loan
-Share collateral loan
-Small and Medium Enterprise Business (SME) loan
-Agricultural loan
-Women's debt
NRB has earlier directed to disburse loans only on the basis of mandatory payment of tax from PAN by registering a permanent account number (PAN) for institutional loans of more than Rs 5 million.
The consolidated directive issued by the National Bank on Tuesday has directed the banks to disburse loans only on the basis of proof of tax payment of less than Rs 5 million and personal loans.
What do I need to get a loan?
All banks and financial institutions have been providing both collateral and unsecured loans. In order to take both collateral and unsecured loans, proof of income tax payment to the government according to the income is now required in all such loans.
If the entrepreneur and self-employed, to do business or to take any kind of non-commercial loan or to take a loan at the concessional interest rate prescribed by the government, the required documents to be submitted by the customer to the bank and financial institution are as follows.
- Necessary documents of the deposit
- Annual income tax paid tax certificate
- Debt related documents (citizenship, photo, permanent account number)
- Details of budget
-Business registration certificate
- Bail holder and necessary documents
How much income tax and who has to pay?
The government had fixed a new income tax from FY 2075/76. The government has an arrangement to pay 1 percent annual income up to Rs 4 lakh, 10 percent from Rs 4 to 5 lakh, 20 percent from Rs 5 to 7 lakh, 30 percent from Rs 7 to 20 lakh and 36 percent income tax whichever is more than Rs 2 million.
In Nepal, income from employment, business, investment, and contingency sources is taxed. Wages received from labor investment, wages, allowances, benefits, bonuses, pensions, gratuities, or any payments received in connection with employment fall under the income from employment.
Profits, benefits, service charges, proceeds from the sale of goods or services, capital gains related to the business, and payments related to the business are considered to be the income from the source of the business.
In any case, dividends, interest, royalties, rent, natural resource payments, investment insurance or retirement fund benefits, capital gains, or other payments related to investments are included in the investment income.
Lottery, gift, prize, bounty, winnings, and any other contingency benefit 25 percent of contingency benefit income tax must be paid.
If a person is affiliated with any organization and receives a monthly salary or is doing business, then according to the government policy, he has to pay tax according to his annual income.
Except for firms, companies, partnerships and organizations doing business in agriculture commercially, no tax is levied on the agricultural income of any other person. But in the case of house rent, 10 percent of income is taxed. Such tax is final for natural (private purpose houses).
In the case of retiring companies, the income should be determined automatically by submitting the details. Similarly, Nepalis living abroad are taxed in Nepal on their income earned abroad.
However, the taxes paid abroad can be calculated or written off in the taxes to be paid in Nepal (so as not to increase in the calculation of the average rate of Nepali taxes). However, NRB has stated that the proof of such income tax should not be submitted while taking a loan from the bank.
What is a tax paid certificate?
A tax payment certificate is a certificate issued by a person after filing the income statement / financial statement and all the taxes due as per the Act by a certain date. A tax payment certificate can be obtained as per the requirement of the taxpayer.
Those who regularly pay income tax to the government can easily get a certificate of tax payment. Certificate of Payment of Remuneration or Income Tax The relevant offices under the Inland Revenue Department provides proof of annual income tax payment.
Required documents to get the tax paid certificate
- The taxpayer will open the transaction and toss the gazetted stamp of Rs. 10 and pay it at the Inland Revenue Office.
-In the case of submitting an income statement, the prescribed tax should be submitted.
- Only the person who has no income statement and statement of past years can get proof of tax payment.
- Institutional taxpayers who have to submit financial statements will have to submit financial statements and tax payment vouchers.
- In relation to the income of the employer, the details of income and tax filing from the employer will have to be submitted.
You do not have to pay any fee to get the tax paid certificate. However, all the documents for the next year have to be filed. All these documents can be obtained by going to the website of the Inland Revenue Department and filling the form online.
If the employee of the tax office creates any kind of difficulties or environment in issuing the tax payment certificate, a complaint can be lodged with the concerned office head or the head of the internal revenue department.
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