KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2018/2019 as per the amendments made through Finance Act, 2018 to Income Tax Ordinance, 2001.
1. Where the taxable income does not exceed Rs. 400,000: the tax rate shall be 0%.
2. Where the taxable income exceeds Rs.400,000 but does not exceed Rs. 800,000: the tax rate shall beRs.1,000
3. Where the taxable income exceeds Rs.800,000 but does not exceed Rs. 1,200,000: the tax rate shall be Rs.2,000
4. Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs.2,400,000: the tax rate shall be 5% of the amount exceeding Rs.1,200,000
5. Where the taxable income exceeds Rs.2,400,000 but does not exceed Rs.4,800,000: the tax rate shall be Rs.60,000+10% of the amount exceeding Rs.2,400,000
6. Where the taxable income exceeds Rs.4,800,000: the tax rate shall be Rs.300,000+15% of the amount exceeding Rs.4,800,000.
Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.
