DailyMirror:
Government servants drawing an all inclusive monthly salary of over Rs.50, 000 would have to contribute a PAYE Tax effective from April 1 as proposed in the last budget, Inland Revenue Department sources said.
The Bill making provision to this effect was due to be passed by Parliament tomorrow. It was 33 years since this tax was last affected.As it has already been informed by the Inland Revenue Tax table the relevant tax deduction would be as follows-: 1)4% less Rs. 2000 for those government servants whose salaries are Rs 50000 to Rs 91667, 2) 8% less Rs 5667 from the salaries of Rs.91667 to 133, 333, 3) 12% less Rs 11000 for the salaries of Rs. 133,333 to 175,000, 4) 16% less Rs. 18000 for salaries from Rs. 175,000 to 216,667, 5)20% less Rs 20667 for salaries from Rs.216,667 to Rs. 300,000, and 24% less Rs. 38667 for salaries above 300,000.
The provisions of this circular would be followed by the private sector as well.