2. Definitions : Unless the subject or the context otherwise requires, in this Act, –
(a) “Wealth” means all kinds of movable and immovable properties remaining
in cash or in-kind and ownership of which is capable of being transferred
and this expression also includes bank account and investment of the tax-
payer.
(b) “Tax” means wealth tax levied or levible pursuant to this Act or the
prevailing law.
(c) “Tax-payer” means any person who is liable to pay the wealth tax pursuant
to this Act or prevailing law or any person to whom or against whom the
Tax Officer has given a notice or taken any other action to cause him/her to
furnish statements of wealth pursuant to this Act.
(d) “Investment” means any investment in the form of cash or in-kind made in
a share, security, stock, bond, debenture and partnership firm.
(e) “Director General” means the Director General of the Tax Department.
(f) “Assessment of Tax” includes provisional assessment of tax, re- assessment
of tax and additional assessment of tax.
(g) “Tax Officer” means, for the purpose of this Act, the Chief Tax Officer,
Senior Tax Officer, Tax Officer appointed by Government of Nepal or any
other officer as may be appointed by Government of Nepal entitled to
exercise the power of a Tax Officer Pursuant to this Act.
(h) “Person” means any person liable to pay income tax by carrying on any
industry, trade, Profession or occupation or any person having ownership in
a company, which buys and sells shares publicly.
(i) “Family” means husband, wife and minor son and daughter whether
separated or not.
(j) “Firm” means any firm whether registered or not pursuant to the prevailing
law.
(k) “Company” means a company or body corporate incorporated under the
prevailing law.
(l) “Prescribed” or “as prescribed” means prescribed or as prescribed in the
Rules framed under this Act.