Income Tax - Changes made by FY 2075.76 Budget

Recent budget speech by the Honorable Finance Minister had made numerous changes in the Income Tax Act. We are going to cover each of those separately with various blogs in the next month or so. Today, we want to start with the Income from Salary as this will have a huge impact.

Basically, there aren't any changes in how income from salary will be calculated or what will be included in the income from salary. The only change made with this budget speech is on the exemption limit on the taxable income.

You can see the table below to know more:

Income Limit	Previous	Current
Indvidual	NRs. 350,000	NRs. 400,000
Couple	NRs. 400,000	NRs. 450,000