Kathmandu. How much tax do you have to pay in a year? Has calculated If not here's a new product just for you! When the government made public the budget of the Fiscal Year 2079/80, it also made public the budget of various tax rates. On the same basis, the Inland Revenue Department has also made public the tax rate to be paid for the coming year.

According to the department, if you are unmarried, only one percent tax is paid on income up to five lakhs. Similarly, if you are married, you can pay up to six lakhs at the rate of one percent only. That means a single couple pays 5,000 and a couple pays only 6,000. Similarly, your income ranges from five lakhs to seven lakhs Singles and couples with an income of more than six lakhs to eight lakhs Both groups have to pay 10 percent or 20,000 tax.

Taxable income of more than Rs. 7 lakhs to Rs. 1 million and taxable income of more than Rs. Similarly, for more than Rs 1 million to Rs 2 million, a single person has to pay 20 percent or three lakh tax. Similarly, a couple earning taxable income of Rs 1.1 million to Rs 2 million should pay 30 percent or Rs 270,000.

Similarly, those earning more than Rs 2 million should equally pay Rs 360,000 in taxes, according to a statement released by the department today. According to the department, a person earning more than Rs 3 million has to pay Rs 745,000 and a couple has to pay Rs 716,000 in taxes. In the case of solely registered taxpayers, the department has clarified that one percent tax will not be levied on the income of pensioners, pension fund and contributor based social security fund.