Islamabad, June 26, 2023 – The National Assembly of Pakistan has passed the budget for the fiscal year 2023-24, introducing new tax rates for salary income.
The Federal Board of Revenue (FBR) has notified the statutory rates of income tax for salaried persons during Tax Year 2023. In order to implement the rate of tax for salaried persons, the FBR issued Income Tax Ordinance, 2001 updated up to June 30, 2022. The following table is enacted for the taxation of salaried […]
ISLAMABAD: Pakistan has reduced the number of tax slabs for salaried persons through Finance Bill 2022 in the budget 2022/2023. According to the Finance Bill, 2022 the government announced the reduction of salary tax slabs as well as incentive in tax payment for persons falling in the income range of Rs600,000 to Rs1.2 million. READ […]
KARACHI: Following are the tax slabs for salaried persons to be applicable during tax year 2021 (2020/2021). 1. Where taxable income does not exceed Rs. 600,000: the tax rate shall be zero percent 2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax rate shall be 5 percent of the […]
KARACHI: Federal Board of Revenue (FBR) has issued salary tax card for tax year 2020 after incorporating changes brought through Finance Act, 2019 to Income Tax Ordinance, 2001. The FBR issued Income Tax Ordinance, 2001 updated till June 30, 2019 under which tax rates for salary persons would be applicable from July 01, 2019 to […]
ISLAMABAD: The Parliament has approved the Finance Bill 2019 to implement rate of income tax on salary income. The statutory exempt income has been enhanced to Rs600,000 for tax year 2020 through Finance Act, 2019. S.No Taxable Income Rate of Tax (1) (2) (3) 1. Where taxable income does not exceed Rs. 600,000 0% 2. […]