Sushil Parajuli (२) बाह्र महिनाभन्दा बढी लाभप्रद आयु भएको कुनै सम्पत्ति प्राप्त गर्दा लागेको खर्च, वा
Income tax offers the definition of "asset" or "सम्पति" but it is a circular tautological definition. Tautological definitions can sometimes arise due to attempts to simplify language or provide an exhaustive description for the term being defined, but they can be criticized for not truly clarifying the meaning of a term and for potentially adding confusion.
Section 2(kaDha) of Income Tax Act, 2058:
(कध) सम्पत्ति: “सम्पत्ति” भन्नाले कुनै पनि किसिमको मूर्त वा अमूर्त सम्पत्ति सम्झनु पर्छ र सो शब्दले मुद्रा, ख्याति, प्रविधि ज्ञान, जायजेथा, कुनै व्यक्तिको विदेशी शाखामा रहेको स्वामित्व वा हित, आम्दानी गर्ने वा भविष्यमा आम्दानी प्राप्त गर्ने अधिकार र कुनै त्यस्तो सम्पत्तिको कुनै भाग समेतलाई जनाउँछ ।
So what is "सम्पति"? - It seems the tax law is not interested in defining the term "asset" itself and wants to leave it to the general accounting standards. Such is the intention of tautological definitions usually provided in laws.
As per paragraph 8.1 of Chapter 8 of the Income Tax Directive, 2066 Tax accounting encompasses the accounting framework tailored for income tax considerations. To ensure consistency and adherence to established norms, when the Income Tax Act explicitly outlines an accounting method, it must be adhered to. Conversely, if no such method is specified, conformity with widely acknowledged accounting principles becomes imperative. In this realm, compliance with Nepal Accounting Standard/Nepal Financial Reporting Standard, as endorsed by the Institute of Chartered Accountants of Nepal (ICAN) through the Nepal Accounting Board, is mandated. In situations where these standards are unavailable, recourse to International Accounting Standard/International Financial Reporting Standard (where applicable) is advocated. Should neither standard be accessible, accounting based on recognized norms (Best Practice) can be pursued as stipulated by the Act. This paragraph elucidates the multifaceted aspects of the Act's provisions concerning tax accounting, contextualized within the domain of accounting practices. So it is reasonable that we can resort to accounting standards issued by ICAN for the recognition of the "assets" where they are not clearly stipulated by the tax laws.