FY24 Budget: Super tax slabs increased for higher income groups
MG News | June 09, 2023 at 05:06 PM GMT+05:00
June 09, 2023 (MLN): The revised Super tax slabs for the fiscal year 2023-24 have introduced significant changes, particularly for individuals with higher incomes, as it places a heavier burden on them, according to the copy of finance bill available to MG Link News.
For individuals with the income group of below Rs150 million, Rs150m to Rs200m, Rs200m to Rs250m, Rs250m to Rs300m, and Rs300m to Rs 350m remains unchanged, with the tax rate at 0%, 1%, 2%, 3% and 4% respectively for both FY23 and FY24.
On the other hand, the tax rate for those with income between Rs350m and Rs400m to be increased from 4% to 6% for FY24.
Individuals whose income falls between Rs400m and Rs500m to face a higher tax rate of 8% for FY24, compared to the previous 4% rate in FY23.
Similarly, for individuals whose income exceeds Rs500m, the tax rate to be raised to a significant 10% for FY24, up from 4% in FY23.
|
Income Slabs |
Rate of Tax (% of income) |
|
|---|---|---|
|
|
FY23 |
FY24 |
|
Where income does not exceed Rs150 million |
0% |
0% |
|
Where income exceeds Rs150 million but does not exceed Rs200 million |
1% |
1% |
|
Where income exceeds Rs200 million but does not exceed Rs250 million |
2% |
2% |
|
Where income exceeds Rs250 million but does not exceed Rs300 million |
3% |
3% |
|
Where income exceeds Rs300 million but does not exceed Rs350 million |
4% |
4% |
|
Where income exceeds Rs350 million but does not exceed Rs400 million |
4% |
6% |
|
Where income exceeds Rs400 million but does not exceed Rs500 million |
4% |
8% |
|
Where income exceeds Rs500 million |
4% |
10% |
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