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BUDGET 2022-23: How much income tax will be imposed on salaried class?

BUDGET 2022-23: How much income tax will be imposed on salaried class?

The income tax slab for salaried class has been changed by the new coalition government in its first Federal Budget 2022-23.

The annual income tax threshold has been raised from Rs600,000 to Rs1.2 million, according to Finance Minister Miftah Ismail, who presented the budget.

Individuals earning up to Rs100,000 per month will be exempt from paying income tax .

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The table below shows the tax rates that apply to Pakistan’s updated income slabs.

S.No Taxable income Rate of tax
1. Where taxable income does not exceed Rs. 600,000 0
2. Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000 Rs100
3. Where taxable income exceeds Rs1,200,000 but does not exceeds Rs2,400,000 7% of the amount exceeding Rs1,200,000
4. Where taxable income exceeds Rs2,400,000 but does not exceeds Rs3,600,000 Rs84,000 + 12.5% of the amount exceeding Rs2,400,000
5. Where taxable income exceeds Rs3,600,000 but does not exceeds Rs6,000,000 Rs234,000 + 17.5% of the amount exceeding Rs3,600,000
6. Where taxable income exceeds Rs6,000,000 but does not Rs12,000,000 Rs654,000 + 22.5% of the amount exceeding Rs6,000,000
7. Where taxable income exceeds Rs12,000,000 Rs2,004,000 + 32.5% of the amount exceeding Rs12,000,000

RELATED: Budget 2022-23: Govt Increase Salary of Federal Employees by 15%

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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