Tax slabs for salaried person for tax year 2020/2021

Tax slabs for salaried person for tax year 2020/2021

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 amount exceeding Rs. 600,000

3. Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000: the tax rate shall be Rs. 30,000 plus 10 percent 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 rate shall be Rs. 90,000 plus 15 percent 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 rate shall be Rs. 195,000 plus 17.5 percent 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 rate shall be Rs. 370,000 plus 20 percent 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 rate shall be Rs. 670,000 plus 22.5 percent 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 rate shall be Rs. 1,345,000 plus 25 percent 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 rate shall be Rs. 2,345,000 plus 27.5 percent 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 rate shall be Rs. 7,295,000 plus 30 percent 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 rate shall be Rs. 13,295,000 plus 32.5 percent of the amount exceeding Rs. 50,000,000

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

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