In response to the high levels of inflation faced by Pakistani citizens, the government is considering increasing the tax exempt income threshold for salaried individuals in the upcoming fiscal year.
KARACHI: Federal Board of Revenue (FBR) has issued salary income tax rates for filing return tax year 2023.
Federal Tax Ombudsman (FTO) has issued instructions regarding salary taxation for temporary / adhoc employees and directed employers and tax authorities to deduct tax of such employees under Section 149 of Income Tax Ordinance, 2001.
KARACHI: The federal government has withdrawn the proposal to give concessions to salaried persons and retained the minimum threshold for salary income at Rs600,000. Through the Finance Act, 2022 the new tax rates on salary income have been implemented from July 01, 2022. The new tax rates are as follow: READ MORE: Proposal of final […]
KARACHI: Pakistan has announced massive tax reduction for salaried persons in the budget 2022/2023. The country announced federal budget 2022/2023 on June 10, 2022 and announced massive reduction in tax on the income of salaried person, which may be applicable from July 01, 2022. Through Finance Bill, 2022 the tax slabs have been reduced to […]
ISLAMABAD: Salaried persons have been denied adjustment of tax credits against the deduction at source. The amendment has been introduced through Finance Bill, 2022. The government on June 10, 2022 presented federal budget 2022/2023 and announced various taxation measures. The Finance Bill, 2022 proposed amendment to sub-section 1 of Section 149 of Income Tax Ordinance, […]
ISLAMABAD: The government on Friday announced a 15 per cent increase in employees of the federal government. Finance Minister Miftah Ismail while presenting budget 2022/2023 announced increase in salary of government employees by 15 per cent. READ MORE: Share of domestic electricity consumption declines The finance minister said that despite the fact that country is […]
ISLAMABAD: Pakistan tax authorities have issued tax rates for salary income during tax year 2022. In Pakistan a person earning Rs600,000 on annual basis as salary income is not required to pay tax. It means annual salary income up to Rs600,000 is exempt from tax. The First Schedule of Income Tax Ordinance, 2001 the tax […]
Section 110 of Income Tax Ordinance, 2001 for payment of tax on salary income of earlier year paid by the private company. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 110 of […]
The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on salary income for the year 2021-2022. The withholding tax shall be collected by persons responsible for paying salary to employees shall deduct tax from the amount paid to the employees. The FBR collect withholding tax on salary under Section 149 of […]