This free Individual Income Tax (IIT) Calculator is updated for Year of Assessment 2024/25, following the latest IRD Sri Lanka guidelines and tax slabs.
It applies the correct rates, reliefs, and deductions — including the LKR 1,200,000 personal relief, solar deduction cap of LKR 600,000, and 25% rent deduction — while ensuring there are no duplicated deductions during calculation.

Whether you are a salaried employee, freelancer, consultant, or business owner, this tool gives an instant, accurate view of your tax payable, credits, and refund position.

👉 Use the calculator below to get your 2024/25 tax computation instantly.

⚙️ How the 2024/25 IIT Calculator Works

This interactive calculator follows the same computation logic as the official IRD schedules for Y/A 2024/25:

1. Assessable income = sum of employment, business, investment, and other local income.
2. Total deductions = rent relief (25%) + solar expenditure (max LKR 600,000) + qualifying payments + personal relief (LKR 1,200,000).
3. Taxable income = assessable income − total deductions (applied once).
4. Tax computation uses 2024/25 slab rates from 6% to 36%.
5. Credits (APIT, WHT, instalments, final WHT) are deducted to show your balance payable or refund.

Each step is guided with explanations and tables for clarity — ideal for both individual taxpayers and accounting professionals.

📊 2024/25 Tax Slab Rates in Sri Lanka

➡️ The calculator automatically applies these slabs to your taxable income and displays the breakdown in a detailed table.

💡 Key Reliefs & Deductions for 2024/25

🧾 Personal Relief — LKR 1,200,000

Available for resident individuals and certain non-resident citizens. It’s applied once in the computation to avoid double deduction errors.

☀️ Solar Energy Expenditure — Up to LKR 600,000

Residents may claim a deduction for solar system installation expenses, capped at LKR 600,000.

🏠 Rent Relief — 25% of Gross Rent

Automatically deducted in the calculator when rent income is entered.

❤️ Qualifying Payments

Approved charitable or qualifying contributions may also be deducted (enter full amount).

💼 Income Sources Covered

This calculator allows you to include or exclude income sources dynamically:

• Employment income (with or without T10 certificate)
• Business or freelance income (local)
• Remittances / Export-of-services (foreign freelance)
• Investment income (interest, rent, dividends)
• Other income (miscellaneous)

🧮 Remittance & Export-of-Services Rules

Foreign freelance income may be excluded from tax if:

• The income is earned in foreign currency,
• Remitted through a bank into Sri Lanka, and
• Sufficient evidence exists (invoice, SWIFT/bank advice, and client confirmation).

If evidence is incomplete, the amount becomes taxable by default — the calculator automatically flags these cases.

💰 Dividend & Investment Income

Dividends subject to Final Withholding Tax (15%) are excluded from your assessable income.
The calculator records this final WHT as a credit automatically.

Interest income is adjusted based on whether it’s earned locally or abroad, and relevant AIT/WHT credits can be entered manually.

🧾 Instalment Payments & Final Payment Schedule (2024/25)

You can enter your payments in the AIT/WHT section of the wizard to see the updated balance payable or refund after credits.

📄 Printable Summary & IRD Cage Mapping

Once you compute your results, you can download or print a full tax summary showing the mapping to IRD return cages (Employment, Business, Investment, etc.).
This helps you cross-check values before uploading your eReturn.

The mapping section matches IRD’s current 2024/25 cage numbers:

• Cage 10: Employment
• Cage 20: Business
• Cage 30: Investment
• Cage 40: Other
• Cage 50–120: Computed totals, deductions, taxable income, and tax payable

🚫 Avoid Common Filing Mistakes

This calculator fixes common issues found in older or unofficial tools:

• ❌ Duplicated deductions (personal relief applied twice)
• ❌ Incorrect tax on monthly vs annual salary
• ✅ Updated rules for remittance exclusion and final WHT
• ✅ Proper application of reliefs only once at final computation

It’s ideal for taxpayers, freelancers, finance officers, and accountants handling multiple returns.

🎓 Learn More or Get Expert Help

If you need professional help with your IIT filing, company secretarial work, or tax planning, contact:

MAPA Corporate Services (Pvt) Ltd
📞 0770 11 77 60 | 0702 861 981
🌐 startabusinessinsrilanka.com
📧 info@startabusinessinsrilanka.com

We also provide tax consultations, bookkeeping, and startup advisory through MAPA Associates (Chartered Accountants).

❓ Frequently Asked Questions (FAQ)

What is the personal relief for 2024/25?

Personal relief is LKR 1,200,000 for resident individuals and certain non-resident citizens.

What is the solar energy relief for 2024/25?

Residents can deduct up to LKR 600,000 for solar power installation expenses.

Are dividends taxable in 2024/25?

Dividends subject to Final WHT (15%) are excluded from assessable income; the 15% is treated as final tax.

How is rent income treated?

25% of gross rent is allowed as a deduction; the balance 75% is taxable.

Can freelancers exclude foreign income?

Yes, if foreign income is remitted through a bank and supported with invoice, bank SWIFT, and client confirmation, it can be excluded.

📘 Disclaimer

This calculator is for information and guidance only. It does not replace professional tax advice.
Always confirm with your tax consultant or the Inland Revenue Department (IRD) before filing your official return.