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The Ministry of Finance says that the net profit earned by artistes up to 500,000 rupees will be exempted from tax

The Ministry of Finance says that the net profit earned by artistes will be exempted from tax provided that the earned profit is below 500,000 rupees. Thereby, profit earned between 500,000 and 900,000 will be taxed at 6 percent while proft earned between 900,000 and 1.5 million will be taxed at 8 percent. Beyond 1.5 million, 4 percent will be levied upon every 600,000 earned. The new income tax system will be applicable to individuals as well as sole proprietor organizations. The new act comes into effect from 1st April 2018.

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