KARACHI: The salaried person shall follow the following slabs for filing income tax returns for tax year 2019 which is due on September 2019.
01. Where the taxable income does not exceed Rs400,000 the tax shall be zero.
02. Where the taxable income exceeds Rs400,000 but does not exceed Rs800,000 the tax amount shall be Rs1,000.
03. Where the taxable income exceeds Rs800,000 but does not exceed Rs1,200,000 the tax amount shall be Rs2,000.
04. Where the taxable income exceeds Rs1,200,000 but does not exceed Rs2,500,000 the tax shall be 5 percent of the amount exceeding Rs. 1,200,000.
05. Where the taxable income exceeds Rs2,500,000 but does not exceed Rs4,000,000 the tax shall be Rs65,000 + 15 percent of the amount exceeding Rs2,500,000.
06. Where the taxable income exceeds Rs4,000,000 but does not exceed Rs8,000,000 the tax shall be Rs290,000 + 20 percent of the amount exceeding Rs4,000,000.
07. Where the taxable income exceeds Rs8,000,000 the tax shall be 1,090,000 + 25 percent of the amount exceeding Rs8,000,000.
Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.
The Federal Board of Revenue (FBR) has issued the final income tax return forms for all categories of taxpayers in order to ensure to complete return filing by September 30, 2019.
