KARACHI: The federal government, after review, has given income tax exemption to the salaried class earning up to Rs 600,000 per annum in the budget for the next financial year 23-2022. “Good News for Pakistanis | Government has given income tax exemption to the salaried class”
According to Express News,
The federal government has reduced the frequency of income tax slabs for salaried employees to seven in the revised federal budget for the next financial year 23-2022, after which zero tax on six lakh annual income and six to twelve lakh annual income. Holders will be taxed at 2.5%.
In the budget presented on June 10, an annual tax of Rs 100 was imposed on those earning only Rs 6 lakh.
But now it has been increased, as well as a fixed tax of Rs 15,000 on those earning between Rs 12 lakh and Rs 24 lakh per annum.
In addition, 12.5% income tax will be applicable. Which will be on the amount above 12 lakhs per annum.
In this regard, a monthly tax of Rs. 7,000 was propose in the budget for salaried employees in this category.
Which is now being increase to an average of Rs. 13,750 per month in the revised budget.
After the review, 20 per cent tax will be levied on those earning Rs 24 lakh to Rs 36 lakh per annum plus Rs 165,000 plus above Rs 24 lakh.
It is being increase to Rs. 33,750 per month.
In addition to the fixed amount of Rs. 450,000 on an annual income of Rs. 36 lakh to 60 lakh, 25 per cent tax will be levied on the amount above Rs. 36 lakh.
Good News for Pakistanis | Government has given income tax exemption to the salaried class
The tax has been increase to Rs. 83,750 per month, while the annual income of Rs. 6 million to Rs. 12 million will be subject to Rs.
In the budget presented on June 10, an average monthly tax of Rs. 167,000 was propose for salaried employees of the said category.
Which has now been increase to Rs. 246,250 per month.
Similarly, 35 per cent tax will be levied on income above Rs. 12 million plus Rs. 29 lakh 55 thousand.
In this regard, if the annual income of salaried employees in this category is Rs. 20 million, then on June 10, 2022.
In the budget presented to him, a tax of Rs. 479,583 was propose for this category which is now being increas to Rs. 8,83,666.
FBR officials say that after the budget is approve by the parliament and signed into law by the President, tax deductions on these salaried employees will start at the new rate from July 1.
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