IRD has published a notice on 25 October 2021 reminding taxpayers of the tax rates applicable for resident natural persons during the FY - 2078/79.
The tax rates are summarized below:
| For Single Assessment | |
| Taxable income up to basic exemption limit - Rs. 400,000 | 0 %* or 1 % |
| Next Rs. 100,000 | 10 % |
| Next Rs. 200,000 | 20 % |
| Next Rs. 1,300,000 | 30 % |
| Balance | 36 % |
| For Couple Assessment (Under section 50) | |
| Taxable income up to basic exemption limit - Rs. 450,000 | 0 %* or 1 % |
| Next Rs. 100,000 | 10 % |
| Next Rs. 200,000 | 20 % |
| Next Rs. 1,250,000 | 30 % |
| Balance | 36 % |
*0 % tax rate on basic exemption limit as indicated above is applicable for natural persons having income from business and/or investment only, and for natural persons making contributions to Contribution Based Social Security Fund (SSF) or Pension Fund.
The notice published by IRD incorporates a list of amounts deductible or not included in calculating the taxable income of a natural person, and also the tax applicable for Presumptive Taxpayers (filing D-01 Income Return) and Turnover Tax Payers (filing D-02 Income Return).
Please click here for accessing the full notice issued by IRD.