Income tax slabs for individual, association of persons revised

KARACHI: PTI government has revised the income tax slabs on the income of every individual and association of persons except salaried individuals.

Where taxable income does not exceed Rs. 400,000, there will be no income tax.

Where taxable income exceeds Rs. 400,000 but does not exceed Rs. 600,000, income tax of 5% of the amount exceeding Rs. 400,000 will be applicable.

Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000, fixed tax of Rs. 10,000 plus 10% of the amount exceeding Rs. 600,000 will be applicable.

Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000, fixed tax of Rs. 70,000 plus 15% of the amount exceeding Rs. 1,200,000 will be applicable.

Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,000, fixed tax of Rs. 250,000 plus 20% of the amount exceeding Rs. 2,400,000 will be applicable.

Where taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000, fixed tax of Rs. 370,000 plus 25% of the amount exceeding Rs. 3,000,000 will be applicable.

Where taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 6,000,000, fixed tax of Rs. 620,000 plus 30% of the amount exceeding Rs. 4,000,000 will be applicable.

Where taxable income exceeds Rs. 6,000,000, fixed tax of Rs. 1,220,000 plus 35% of the amount exceeding Rs. 6,000,000 will be applicable.

Tagged , , , , . Bookmark the permalink.

Comments are closed.