Government raises income tax threshold to 1 million rupees and slashes maximum tax rates in new budget

english.clickmandu.com · 18 hours ago

The government has raised the individual income tax exemption limit to 10 lakh rupees and reduced the highest tax rate from 39 percent to 29 percent. Finance Minister Dr Swarnim Wagle announced these changes as part of the federal budget for the fiscal year 2083/84, presented at a joint session of the Federal Parliament. These measures aim to ease the tax burden on low- and middle-income earners and make the tax system more competitive.