This Sri Lanka Tax Calculator (2024/25) is designed to help individuals calculate their personal income tax liability. The calculator considers several income sources, including employment income, interest income, and other income, while applying tax brackets based on taxable income.
The tax brackets are as follows:
The first Rs. 1,200,000 of total income is exempt from tax. After calculating the taxable income, the applicable tax is computed by applying the tax brackets. Deductions for Withholding Tax (WHT) and Payee Tax are subtracted from the total tax to arrive at the final amount of tax payable. The calculator provides a detailed tax breakdown, showing each tax bracket applied and the corresponding tax amount.
In Sri Lanka, taxpayers can enjoy various deductions to reduce their overall tax liability. The Sri Lanka Tax Calculator (2024/25) allows individuals to deduct 25% from their rent income, making it easier for property owners to manage tax payments. Additionally, those who have made solar installment payments can claim a deduction of Rs. 600,000 per year, further lowering their taxable income. These valuable deductions, combined with the tax brackets that progressively tax income, help ensure that individuals can benefit from a fair and manageable tax system. This tax calculator helps you accurately calculate your tax liability, factoring in deductions for rental income and solar installments, offering a detailed breakdown of the tax due.