(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.
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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