Calculating the Income Tax on income escaped from assessment
- The income tax shall be levied on income escaped from assessment according to the following tax rates if any citizen unable to show the source of income expended in buying and constructing vessels, motor vehicles, buildings, real estates and taking shares. (Section 25 of the Union Taxation Law 2018-2019)
|Sr||Income (Kyats)||Income Tax Rate|
|c.||100,000,001 and above||30%|
( It can be estimated & calculated in Tax Calculator link)
- In cases of purchasing real estates, a taxpayer shall have to make a contract based on the value at the price of the day scrutinized and valued by the relevant assessors and must pay 4 % of the total stamp duty on that value.
(The scrutinized and valued norms can be seen in “Norm” link.)