INDIVIDUAL INCOME TAX
WHO LIABLE TO PAY INDIVIDUAL INCOME TAX?
If your earnings exceed LKR 250,000/- per month OR LKR 3,000,000/- per annum, you are liable to pay Income Tax
WHAT ARE THE INCOME SOURCES LIABLE TO PAY TAXES?
- Employment Income
- Business Incomee
- Investment Income
- Other Income
HOW MUCH YOU SHOULD PAY?
|
Taxable Income
|
Tax Rate
|
|---|---|
|
First LKR 3,000,000/-
|
Tax free allowance
|
|
For Second LKR 3,000,000/-
|
6%
|
|
For Third LKR 3,000,000/-
|
12%
|
|
On the Balance
|
18%
|