2022-2023 Tax Year 2023
SALARY – Sec 149, Div I PART I 1st Schedule
| 1. | Upto Rs.600,000 | 0% |
|---|---|---|
| 2. | Rs.600,001 to Rs.1,200,000 | 2.5% of the amount exceeding Rs.600,000 |
| 3. | Rs.1,200,001 to Rs.2,400,000 | Rs.15.000 + 12.5% on amount Rs.1,200,000 |
| 4. | Rs.2,400,001 to Rs.3,600,000 | Rs.165,000 + 20% on amount > Rs.2,400,000 |
| 5. | Rs.3,600,001 to Rs.6.000,000 | Rs.405,000 + 25% on amount > Rs.3.600,000 |
| 6. | Rs.6,000,001 to Rs.12.000,000 | Rs.1,005,000 + 32.5% on amount Rs.6,000,000. |
| 7. | Exceeding Rs.12,000,000 | Rs.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.600,000 | 0% |
|---|---|---|
| 2. | Rs.600,001 to Rs.800,000 | 5% of the amount exceeding Rs.600,000 |
| 3. | Rs.800,001 to Rs.1,200,000 | Rs.10.000 + 12.5% of the amount Rs.800.000 |
| 4. | Rs.1,200,001 to Rs.2,400,000 | Rs.60,000 + 17.5% on amount > Rs.1,200,000 |
| 5. | Rs.2,400,001 to Rs.3.000,000 | Rs.270,000 + 22.5% on amount > Rs.2.400,000 |
| 6. | Rs.3,000,001 to Rs.4.000,000 | Rs.405,000 + 27.5% on amount > Rs.3,000,000 |
| 7. | Rs.4,000,001 to Rs.6,000,000 | Rs.680,000 + 32.5% on amount Rs.4.000,000 |
| 8. | Above 6,000,000 | 1,330,000 35% on amount > Rs. 6,000,000 |
TAX RATES OF COMPANIES
| Banking Company | 39% |
|---|---|
| Small Company | 20% |
| Public & Private Company | 29% |
| Alternate Corporate Tax (Section 113C) | 17% |