How much tax will be applied to your salary?
The relief for the working class was short-lived as the government revised the tax deduction criteria for the segment at the request of the International Monetary Fund (IMF).
The final tax slabs after the approval of the finance bill are:
- For income below Rs600,000 per year (Rs50,000 per month) – no tax will be deducted
- Those who earn between Rs 600,000 and Rs 1.2 million per year (Rs 50,000 to Rs 100,000 per month) will pay a tax of 2.5% on the amount exceeding Rs 600,000
- On income within the range of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 per month) will pay Rs15,000 plus 12.5% of the amount exceeding Rs1.2 million
- Persons earning Rs2.4 million to Rs3.6 million per year (Rs200,000 to Rs300,000 per month) will be charged Rs165,000 plus 20% of the amount exceeding Rs2.4 million
- Those who earn between 3.6 and 6 million rupees per year (300,000 to 500,000 rupees per month) will be charged at 405,000 rupees plus 25% of the amount exceeding 3.6 million rupees.
- Persons with an annual income of Rs6m to Rs12 million (Rs500,000 to 1,000,000 per month) will be charged at Rs1.005 million plus 32.5% of the amount exceeding Rs6 million
- In the latest installment, those earning more than 12 million rupees (more than 1,000,000 per month) per year will be charged at 2.955 million rupees plus 35% of the amount exceeding 12 million rupees.
Calculate your income tax here: