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New Tax Rates (Fiscal Year 2023-2024)
* (i) NO PAYE deducted from the monthly emoluments of an employee where such emoluments do not exceed Rs 30,000 (EXEMPT Employee) who submitted his EDF
- Employee's EDF record
- Employee's PAYE calculation slip
* (ii) New PAYE calculation on the chargeable income brackets provided by the MRA
- Employee's EDF record
- Employee's PAYE calculation slip
* (iii) PAYE at flat rate of 15% where NO EDF is submitted by an employee who derives emoluments exceeding Rs 30,000 in a month
* Employee's EDF record
* Employee's PAYE calculation slip
* (iv) PAYE at flat rate of 15% where NO EDF is submitted by an employee who derives emoluments not exceeding Rs 30,000 in a month
* Employee's EDF record
* Employee's PAYE calculation slip
Illustration of tax calculation on the annual chargeable income of an individual
MRA illustration of the PAYE computation on the derived taxable emoluments of an individual earning Rs 100,000 for the months of July, August and September where an EDF with 2 dependents has been submitted
