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Budget: How Much Income Tax Will Be Applied To Salaried People?

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Budget: How Much Income Tax Will Be Applied To Salaried People

(CTN News) – In its maiden Federal Budget 2022-23, the new coalition government changed the income tax collection slab.

As part of the budget, Finance Minister Miftah Ismail increased the yearly income tax threshold from Rs600,000 to Rs1.2 million.

There will be no income tax on individuals earning up to Rs100,000 a month under this proposal.

Related: Government Announces that it Will Keep Income Tax Cuts in Place

The table below gives details on the Income tax rates applicable to revised income slabs in Pakistan.

S.No Taxable income Rate of tax
1. Where taxable income does not exceed Rs. 600,000 0
2. Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000 Rs100
3. Where taxable income exceeds Rs1,200,000 but does not exceeds Rs2,400,000 7% of the amount exceeding Rs1,200,000
4. Where taxable income exceeds Rs2,400,000 but does not exceeds Rs3,600,000 Rs84,000 + 12.5% of the amount exceeding Rs2,400,000
5. Where taxable income exceeds Rs3,600,000 but does not exceeds Rs6,000,000 Rs234,000 + 17.5% of the amount exceeding Rs3,600,000
6. Where taxable income exceeds Rs6,000,000 but does not Rs12,000,000 Rs654,000 + 22.5% of the amount exceeding Rs6,000,000
7. Where taxable income exceeds Rs12,000,000 Rs2,004,000 + 32.5% of the amount exceeding Rs12,000,000
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Arsi Mughal is a staff writer at CTN News, delivering insightful and engaging content on a wide range of topics. With a knack for clear and concise writing, he crafts articles that resonate with readers. Arsi's pieces are well-researched, informative, and presented in a straightforward manner, making complex subjects accessible to a broad audience. His writing style strikes the perfect balance between professionalism and casual approachability, ensuring an enjoyable reading experience.

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