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This is my personal review of the Tax caluclators above. This is meant to give users a complete understanding of the Tax calculators available. I have tried to stay as unbiased as possible and reviewed the lanka.tax Tax calculator last.
Review date: 24 July 2023
Review date: 24 July 2023
In this article, we review the Sri Lanka Income Tax Calculators for personal income Taxes in Sri Lanka – including PAYE tax or APIT tax – for the year that just passed – 22/23 – from 1 April 2022 until 31 March 2023.
We will look at the following tax calculators for 2023/2024:
a) Simple books
b) Tax advisor
c) DFCC Bank
The two calculators that are very similar simple books and tax advisor.
These are very simple calculators which give you the PAYE tax calculation from a single input – which is your salary. PAYE is deducted by your employer before you receive your monthly salary.
Use only for the 23/24 tax year. Don’t use them for the 22/23 tax year because they calculate your monthly Tax after 1 January 2023, because they don't include the first 9 months of the Tax year.
They should also not be used in the event you have income from fixed deposits, or rental income, or if you have any deductions.
They do however work well if you only have a salary as an income – but the amount you receive is already after the employer has deducted PAYE. I would therefore imagine that these calculators are only useful when you want to verify the PAYE deduction calculation.
Later in this article, we look at why deductions are relevant.
Which are the more comprehensive calculators?
You cannot use the DFCC Calculator for the current Tax year - 23/24
You cannot use the DFCC Calculator for the current Tax year - 23/24
DFCC Bank Tax Calculator
Both, the DFCC Bank and lanka.tax calculators are very similar and comprehensive.
Both the lanka.tax calculator and DFCC calculators allow you to calculate PAYE income tax payable from employment, investment income, rent income, and other sources of income.
The main difference between the two calculators is that the DFCC calculator looks great but does not allow you to email the results to yourself, which the lanka.tax tax calculator does.
The lanka.tax calculator also shows you the comparison of the 22/23 and 23/24 tax calculation so you can understand the impact to your income. In fact, lanka.tax tax calculator has 2 pages, one for the 22/23 year, and another full calculator for 23/24.
Both the lanka.tax tax calculator and the DFCC calculator take into account the 25% maintenance deduction permitted when paying income tax on rental income.
You can also store your inputs and outputs by emailing yourself the results from the lanka.tax calculator. You can also sign up for free Tax updates.
Which would I recommend?
Depending on your requirement, choose one.
My recommendation would be to use the more detailed income tax calculator from lanka.tax to plan your finances and keep track of your calculations.
If you just want a quick verification of your salary PAYE deduction from 1 January 2023 onwards, use one of the simpler calculators.
What are deductions? Why are deductions relevant?
Housing Loan Interest
Masters or MBA Fees | Children's School Fees
Medical Insurance
Medical Bills
Investments in Listed Securities (Colombo Stock Exchange)
Donations
Click below to learn more about Tax deductions that we applicable from 1 January 2020 until 31 December 2022.
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