2021-2022 Tax Year 2022
SALARY – Sec 149, Div I PART I 1st Schedule
| 1. | Upto Rs.600,000 | 0% |
|---|---|---|
| 2. | Rs.600,001 to Rs.1,200,000 | 5% of the amount exceeding Rs.600,000 |
| 3. | Rs.1,200,001 to Rs.1,800,000 | Rs.30.000 + 10% on amount Rs.1,200,000 |
| 4. | Rs.1,800,001 to Rs.2,500,000 | 90,000 + 15% on the amount > Rs.1,800,000 |
| 5. | Rs.2,500,001 to Rs.3,500,000 | Rs.195,000 + 17.5% on amount > Rs.2,500,000 |
| 6. | Rs.3,500,001 to Rs.5.000,000 | Rs.370,000 + 20% on amount > Rs.3.500,000 |
| 7. | Rs.5,000,001 to Rs.8.000,000 | Rs.670,,000 + 22.5% on amount Rs.5,000,000. |
| 8. | Rs.8,000,001 to Rs.12,000,000 | Rs.1,345,000 + 25% on amount Rs.8,000,000. |
| 9. | 12,000,001 to Rs.30,000,000 | 2,345,000 + 27.5% on amount > Rs.12,000,000 |
| 10. | 30,000,001 to Rs.50,000,000 | 7,295,000 + 30% on amount > Rs.30,000,000 |
| 11. | 50,000,001 to Rs.75,000,000 | 13,295,000 + 32.5 on amount > Rs.50,000,000 |
| 12. | Above 75,000,000 | 21,420,000 + 35% on amount > Rs.75,000,000 |
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.400,000 | 0% |
|---|---|---|
| 2. | Rs.400,001 to Rs.600,000 | 5% of the amount exceeding Rs.400,000 |
| 3. | Rs.600,001 to Rs.1,200,000 | Rs.10.000 + 10% of the amount > Rs.600.000 |
| 4. | Rs.1,200,001 to Rs.2,400,000 | Rs.70,000 + 15% on amount > Rs.1,200,000 |
| 5. | Rs.2,400,001 to Rs.3.000,000 | Rs.250,000 + 20% on amount > Rs.2.400,000 |
| 6. | Rs.3,000,001 to Rs.4.000,000 | Rs.370,000 + 25% on amount > Rs.3,000,000 |
| 7. | Rs.4,000,001 to Rs.6,000,000 | Rs.620,000 + 30% on amount > Rs.4.000,000 |
| 8. | Above 6,000,000 | 1,220,000 35% on amount > Rs. 6,000,000 |
TAX RATES OF COMPANIES
| Banking Company | 35% |
|---|---|
| Small Company | 21% |
| Public & Private Company | 29% |
| Alternate Corporate Tax (Section 113C) | 17% |