Personal Income Tax (PIT) is a direct tax levied on the income of a person. A person means an individual, an ordinary partnership, a non-juristic body of person and an undivided estate. In general, a person liable to PIT has to compute his tax liability, file tax returns and pay tax, if any, accordingly on a calendar year basis.   The PIT rate is progressive between 0%-35% and required to submit within 31^st March of the following taxable year.