Revised personal income tax comes into effect today (Jan 01)

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The revised personal income tax rates will be charged from taxpayers with effect from today (Jan. 01), in a bid to increase government income.

According to the tax policy, those who earn a monthly income of Rs. 150,000 and above will be taxed, however, those who earn less than Rs. 100,000 a month will not be taxed.

Accordingly, a tax of Rs. 3,500 per month will be imposed on individuals with a monthly income of Rs. 150,000.

Those who earn Rs.200,000 per month will be charged a monthly income tax of Rs. 10,000, while Rs. 21,000 will be charged per month from an individual with a monthly income of Rs. 250,000.

If the monthly income earned is Rs. 300,000, the income tax payable is Rs. 35,000. 

At the same time, Rs. 52,500 will be taxed from those who are earning Rs. 350,000 a month. 

Meanwhile, Rs. 70,500 will be taxed for an individual with a monthly income of Rs. 400,000.

For those who earn Rs. 500,000 a month, Rs.106,500 tax is payable while an individual with Rs. 750,000 income will be taxed Rs. 196,500.

Moreover, an individual with a monthly income of Rs. 1 million will be taxed Rs. 286,500.

source-adaderana

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