We see lots of posts on Facebook, Instagram, and TikTok around how to become a millionaire or billionaire. Most of them repeat the same thing; start your business, begin investment early, get into the real estate flipping business, be a stock trader, etc. I don't think there is anything new there. We have heard these since we were young. At least, me. Let us talk about something new today. And, believe me, everything we will be unrevealing here is 100% legal. Yes, it is possible to become a millionaire. You must be wondering how? All you have to do is catch some bad dudes trying to evade or have evaded taxes and report to the Inland Revenue Department. Yes, stop wondering about jobs, start your own hustle, work as an informant to the tax office. It will help you get substantial rewards. However, you should be careful, do remember that sharing false information can also get you in trouble. Who can inform and how? An informant can be an individual or group of people who give particu
Question: If an employee is not enrolled in any retirement fund but has paid 40,000 for life insurance or 10,000 for health insurance, should these insurance payments be subtracted from their taxable income or not? (this was posed in one of the facebook group) Answer: Regardless of whether an individual has contributed to a retirement fund, they remain eligible to reduce Rs. 40,000 for life insurance and Rs. 10,000 for health insurance from their taxable income. You might be wondering how? Let's delve into the deductions permitted by the Nepalese Income Tax Act, 2058, regarding life, health, and property insurance premiums. This blog should help you understand how insurance payments can impact your taxable income. 1) Life Insurance Deduction: For residents holding life insurance, you can claim a deduction of up to Rs. 40,000 or the actual annual premium amount (whichever is lower) from your taxable income. Refer to Annex-1, Clause 12 for this provision. 2) Health/Medical Insura