Discuss (d) carry-forward of losses

Act, 2058 The concept: income is the periodical accessions to economic power — money or money's worth — from a source, minus the source's costs. Two classic views: the source theory (income only from recognized sources) and the accretion theory (any net accretion counts). Nepal's Income Tax Act, 2058 takes the practical path: it defines income by enumeration (what is included), head by head — income is what the Act says it is, read against the taxpayer's whole economic gain. The Act replaced the patchwork of earlier income-tax legislation with one consolidated code. The basic terminology (the Act's working words): Term Meaning Person An individual, firm, company or entity liable under the Act Resident / non-resident Residence tests (incorporation, control, stay periods) deciding the tax reach Assessable income Head income aggregated as the Act directs Taxable income Assessable income minus the Act's deductions Tax year The fiscal year (Shrawan-Ashar) the Act uses PAN The tax accounting number — the taxpayer's registration identity Instalment / TDS / withholding Payment mechanisms collecting tax before filing Assessment The department's determination of the tax