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Tax Rates for (Non-Corporate) Taxpayers (TY-2023)

  1. For Association of Persons (AOP) and individual where salary income does not exceed 75% of

Taxable income:

 

Taxable Income Rate of Tax
Where taxable income does not exceed Rs. 600,000 0%
Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 800,000 5% of the amount exceeding Rs. 600,000
Where taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000 Rs. 10,000 + 12.5% of the amount exceeding Rs. 800,000
Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000 Rs.60,000 + 17.5% of the amount exceeding Rs. 1,200,000
Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,000 Rs. 270,000 + 22.5% of the amount exceeding Rs. 2,400,000
Where taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000 Rs. 405,000 + 27.5% of the amount exceeding Rs. 3,000,000
Where taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 6,000,000 Rs. 680,000 + 32.5% of the amount exceeding Rs. 4,000,000
Where taxable income exceeds Rs. 6,000,000 Rs. 1,330,000 + 35% of the amount exceeding Rs. 6,000,000.

 

 

  1. For every individual where salary income exceeds 75% of taxable income:

 

Taxable Income Rate of Tax
Where taxable income does not exceed Rs. 600,000 0%
Where taxable income exceeds Rs.600,000 but does not exceed Rs.1,200,000 2.5% of the amount exceeding Rs. 600,000
Where taxable income exceeds Rs.1,200,000 but does not exceed Rs.2,400,000 Rs. 15,000 + 12.5% of the amount exceeding Rs.1,200,000
Where taxable income exceeds Rs.2,400,000 but does not exceed Rs.3,600,000 Rs. 165,000 + 20% of the amount exceeding Rs.2,400,000
Where taxable income exceeds Rs.3,600,000 but does not exceed Rs.6,000,000 Rs. 405,000 + 25% of the amount exceeding Rs.3,600,000
Where taxable income exceeds Rs.6,000,000 but does not exceed Rs.12,000,000 Rs. 1,005,000 + 32.5% of the

amount exceeding Rs.6,000,000

Where taxable income exceeds Rs.12,000,000 Rs. 2,955,000 + 35% of the

amount exceeding Rs. 12,000,000

 

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