Tax rates on salary income Tax Year 2022

Tax rates on salary income Tax Year 2022

KARACHI: Following are tax slabs for the taxable income and rate of tax applicable on salaried persons for the tax year 2022 (July 01, 2021 to June 30, 2022).

1. Where taxable income does not exceed Rs. 600,000: the tax shall be zero per cent

2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax shall be 5 per cent of the amount exceeding Rs. 600,000

3. Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000: the tax shall be Rs. 30,000 plus 10 per cent of the amount exceeding Rs. 1,200,000

4. Where taxable income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000: the tax shall be Rs. 90,000 plus 15 per cent of the amount exceeding Rs. 1,800,000

5. Where taxable income exceeds Rs.2,500,000 but does not exceed Rs. 3,500,000: the tax shall be Rs. 195,000 plus 17.5 per cent of the amount exceeding Rs. 2,500,000

6. Where taxable income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000: the tax shall be Rs. 370,000 plus 20 per cent of the amount exceeding Rs. 3,500,000

7. Where taxable income exceeds Rs. 5,000,000 but does not exceeds Rs. 8,000,000: the tax shall be Rs. 670,000 plus 22.5 per cent of the amount exceeding Rs. 5,000,000

8. Where taxable income exceeds Rs. 8,000,000 but does not exceeds Rs. 12,000,000: the tax shall be Rs. 1,345,000 plus 25 per cent of the amount exceeding Rs. 8,000,000

9. Where taxable income exceeds Rs. 12,000,000 but does not exceeds Rs. 30,000,000: the tax shall be Rs. 2,345,000 plus 27.5 per cent of the amount exceeding Rs. 12,000,000

10. Where taxable income exceeds Rs. 30,000,000 but does not exceeds Rs. 50,000,000: the tax shall be Rs. 7,295,000 plus 30 per cent of the amount exceeding Rs. 30,000,000

11. Where taxable income exceeds Rs. 50,000,000 but does not exceeds Rs. 75,000,000: the tax shall be Rs. 13,295,000 plus 32.5 per cent of the amount exceeding Rs. 50,000,000

12. Where taxable income exceeds Rs. 75,000,000: the tax shall be Rs. 21,420,000 plus 35 per cent of the amount exceeding Rs. 75,000,000

The above tax rate shall be applicable where the income of an individual chargeable under the head ‘salary’ exceeds seventy-five per cent of taxable income of a person.

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