INSUBCONTINENT EXCLUSIVE:

The modified personal earnings tax rates will be charged from taxpayers with result from today (Jan

01), in a bid to increase government income.According to the tax policy, those who earn a month-to-month earnings of Rs

150,000 and above will be taxed, nevertheless, 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 people with a month-to-month earnings of Rs

150,000

Those who earn Rs.200,000 per month will be charged a regular monthly income tax of Rs

10,000, while Rs

21,000 will be charged each month from a private with a regular 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 a specific with a regular monthly income of Rs

400,000

For those who make Rs

500,000 a month, Rs.106,500 tax is payable while a private with Rs

750,000 income will be taxed Rs

196,500

Additionally, an individual with a regular monthly earnings of Rs

1 million will be taxed Rs

286,500

This short article first appeared/also appeared in https://adaderana.lk

Revised personal earnings tax enters effect today