Finance Bill 2019: Tax card for business individuals, salary income less than 75pc for tax year 2020

Finance Bill 2019: Tax card for business individuals, salary income less than 75pc for tax year 2020

ISLAMABAD: The government has proposed new tax slabs for business individuals in tax year 2020 through Finance Bill 2019.

The tax card will also be applicable in case of salary persons where total salary income is less than 75 percent of the total income.

The Finance Bill 2019 was presented on Tuesday as part of federal budget 2019/2020.

Following are the tax card for business individuals and salaried persons having salary income less than 75 percent:


 

S. No

Taxable Income

Rate of Tax

01Where taxable income does not exceed Rs400,0000%
02Where taxable income exceeds Rs400,000 but does not exceed Rs600,0005% of the amount exceeding Rs. 600,000
03Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000Rs10,000 plus 10% of the amount exceeding Rs600,000
04Where taxable income exceeds Rs1,200,000 but does not exceed Rs2,400,000Rs70,000 plus 15% of the amount exceeding Rs1,200,000
05Where taxable income exceeds Rs2,400,000 but does not exceed Rs3,000,000Rs. 250,000 plus 20% of amount exceeding Rs2,400,000
06Where taxable income exceeds Rs3,000,000 but does not exceed Rs4,000,000Rs370,000 plus 25% of the amount exceeding Rs3,000,000
07Where taxable income exceeds Rs4,000,000 but does not exceed Rs6,000,000Rs620,000 plus 30% of the amount exceeding Rs4,000,000
08Where taxable income exceeds Rs6,000,000Rs1,220,000 plus 35% of the amount exceeding Rs6,000,000

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