How much income is taxed?

It was a popular question at the beginning of the year.

Because must be prepared to submit personal income tax.

which has many details and calculations, until some people, including beginners

Concerned about miscalculating or mistaken submission by mistake. In this article, Thairath Online has gathered information.

How much income is taxed

together with a simple personal income tax calculation method as follows:

How much income is taxed in 2023

For individuals or salaried persons who must file personal income tax

Based on the minimum income and status as follows:


Single person

  • Salary income

    Minimum annual income of 120,000 baht

  • Other types of income* Minimum annual income of 60,000 baht

married person

  • Salary income

    Minimum annual income of 220,000 baht

  • Other types of income

    Minimum annual income of 120,000 baht

How much income is taxable?

For how to calculate how much income is easy to pay taxes

In the first step, the net income or total income earned is to be calculated.

After deducting expenses or various deductions as follows

"Net Income = Annual Income − Expenses − Allowance" 

By taking income for the year, deducting expenses of 100,000 baht, deducting personal deductions of 60,000 baht** and social security expenses throughout the year of 9,000 baht in case there are no additional deductions, for example

360,000-100,000- (60,000+9,000) = 110,000 baht is net income

Then you can easily calculate the tax as follows:

"Tax = Net Income x Tax Rate" 

How to calculate how much income you pay for tax 2023

There are 2 types of personal income tax calculation methods that are more complicated as follows


.


Stepped tax calculations can be complicated.

Divided into 8 steps, the calculation formula can be used as follows 

"Tax = [(Net income - Maximum net income of the class) x Tax rate] + Maximum cumulative tax of the class" 

The table comparing net income with tax rate is as follows:

  • Net income 0-150,000 baht : Tax exemption : Maximum cumulative tax level 0 baht

  • Net income 150,000-300,000 baht : Tax rate 5% : Maximum cumulative tax level 0 baht

  • Net income 300,001-500,000 baht : Tax rate 10% : Maximum cumulative tax level 7,500 baht

  • Net income 500,001-750,000 baht : Tax rate 15% : Maximum cumulative tax level 27,500 baht

  • Net income 750,001-1,000,000 baht : tax rate 20% : maximum cumulative tax of 65,000 baht

  • Net income 1,000,001-2,000,000 baht : Tax rate 25% : Maximum cumulative tax level 115,000 baht

  • Net income 2,000,001-5,000,000 baht : Tax rate 30% : Maximum cumulative tax level 365,000 baht

  • Net income more than 5,000,000 baht : Tax rate 35% : Maximum cumulative tax level 1,265,000 baht

Type 2: Calculate the lump sum tax


Computational tax calculation suitable for beginners

Or those who have income other than salary, such as rent, online sales, selling freelance work patterns

The tax rate must be calculated at a rate of 0.5 percent, which can be calculated according to the following formula:

"Tax = (all types of income - salary) x 0.005"


in the case of less than 5,000 baht of tax calculation, will be exempt from tax.

Salary 18,000 - 20,000 How much tax do you pay?

If there is only income from salary

will be exempt from personal income tax

Since the net income is less than 150,000 baht, which is the question of how much salary is taxable, the answer is

a person who earns solely from a salary

not more than 26,583.33 baht per month will be tax exempt

Because the net income is less than 150,000 baht

How many years can the revenue tax be collected back?

Normally, the Revenue Department will be able to verify individual tax return, divided into 2 cases:


1. In the case of filing a tax form


The Revenue Department will be able to check the tax back 2 years and if there is an abnormality, it will be able to check back 5 years


.


The Revenue Department will be able to check back 10 years, just like business taxes.

After knowing the details and calculating

How much income is paid for personal income tax? Tax returns

can be filed from January to March 31 of every year.

at the Area Revenue Branch Office, Thailand Post Office and submit tax payment via the Revenue Department's online website until April 8th.

Always have to file taxes

Remarks


* Income type 40(1) - 40(6)


** Expenses are personal income tax benefits.

Income type 1-2, 50% deduction, no more than 100,000 baht and personal deduction, 60,000 baht/year for all tax filing persons.

Source:

The Revenue Department