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Introduction of a New Tax Rate
As from the income year 2022-2023, an individual earning annual net income –
(i) of up to Rs 700,000 will be taxed at the rate of 10%;
(ii) above Rs 700,000 and not exceeding Rs 975,000 (i.e. Rs 75,000 per month) will be taxed at the rate of 12.5%; or
(iii) above Rs 975,000 will be taxed at the rate of 15% and the Solidary Levy, if applicable.
Additional Deduction for Tertiary Education
The additional deduction in respect of a dependent child who is pursuing tertiary studies will be raised from Rs 225,000 to Rs 500,000 and covers both undergraduate and postgraduate courses.