Business

Income tax calculator salaried class in Budget 2022-23

Income tax calculator salaried class in Budget 2022-23

For the 2019 fiscal year, the new coalition government has implemented seven income tax brackets for the country’s salaried class.

The government has exempted a monthly wage of up to Rs. 50,000 (Rs. 600,000 yearly) from income tax under the financial bill 2022-23. Where taxable yearly income exceeds Rs. 600,000 (Rs. 50,000 per month) but does not exceed Rs. 1.2 million annually, the government will deduct a lump sum of Rs. 100. (Rs. 100,000 per month).

Income Tax Slabs

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Where taxable yearly income exceeds Rs. 1.2 million (Rs. 100,000 per month) but does not exceed Rs. 2.4 million (Rs. 200,000 per month), the government will deduct 7% of the amount exceeding Rs. 1.2 million.

When taxable annual income exceeds Rs. 2.4 million or Rs. 200,000 per month but does not exceed Rs. 3.6 million or Rs. 300,000 per month, the tax rate is 12.5 percent plus a fixed amount of Rs. 84,000 per year.

Where taxable annual income exceeds Rs. 3.6 million or Rs. 300,000 per month but does not exceed Rs. 6 million annually/Rs. 500,000 per month, the rate of tax will be 17.5 percent of the amount exceeding Rs. 3.6 million, plus a fixed Rs. 234,000 per year (Rs. 19,500 per month).

If taxable yearly income exceeds Rs. 6 million (Rs. 500,000 per month) but does not exceed Rs. 12 million, the government will deduct Rs. 654,000 (Rs. 54,500 per month) plus 22.5 percent of the amount exceeding Rs. 6 million (Rs. 1 million).

RELATED: Punjab Government Will Pay Salaries and Pensions June in Advance

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Business

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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