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2022-2023 Tax Year 2023


SALARY – Sec 149, Div I PART I 1st Schedule

1.Upto Rs.600,0000%
2.Rs.600,001 to Rs.1,200,0002.5% of the amount exceeding Rs.600,000
3.Rs.1,200,001 to Rs.2,400,000Rs.15.000 + 12.5% on amount Rs.1,200,000
4.Rs.2,400,001 to Rs.3,600,000Rs.165,000 + 20% on amount > Rs.2,400,000
5.Rs.3,600,001 to Rs.6.000,000Rs.405,000 + 25% on amount > Rs.3.600,000
6.Rs.6,000,001 to Rs.12.000,000Rs.1,005,000 + 32.5% on amount Rs.6,000,000.
7.Exceeding Rs.12,000,000Rs.2,955,000 + 35% on amount Rs.12,000,000.

Note: 25% Reduction in Tax for full time Teacher except practicing doctors.
Note: Salary rate applicable where salary income exceeds 75% of total taxable income.


TAX RATES FOR AOP & BUSINESS INDIVIDUALS

1.Upto Rs.600,0000%
2.Rs.600,001 to Rs.800,0005% of the amount exceeding Rs.600,000
3.Rs.800,001 to Rs.1,200,000Rs.10.000 + 12.5% of the amount Rs.800.000
4.Rs.1,200,001 to Rs.2,400,000Rs.60,000 + 17.5% on amount > Rs.1,200,000
5.Rs.2,400,001 to Rs.3.000,000Rs.270,000 + 22.5% on amount > Rs.2.400,000
6.Rs.3,000,001 to Rs.4.000,000Rs.405,000 + 27.5% on amount > Rs.3,000,000
7.Rs.4,000,001 to Rs.6,000,000Rs.680,000 + 32.5% on amount Rs.4.000,000
8.Above 6,000,0001,330,000 35% on amount > Rs. 6,000,000


TAX RATES OF COMPANIES

Banking Company39%
Small Company20%
Public & Private Company29%
Alternate Corporate Tax (Section 113C)17%
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