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% |