Income tax slabs for salaried class revised

KARACHI: The PTI government has revised the tax slabs for salaried persons vide Finance Bill 2019. Income of an individual chargeable under the head ‘salary’ exceeds 75 percent of the his taxable income, the rates of tax to be applied will be as follows.

Where taxable income does not exceed Rs. 600,000, there will be no income tax.

Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000, income tax of 5% of the amount exceeding Rs. 600,000 will be applicable.

Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000 a fixed tax of Rs. 30,000 plus 10% of the amount exceeding Rs. 1,200,000 will be applicable.

Where taxable income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000, fixed tax of Rs. 90,000 plus 15% of the amount exceeding Rs. 1,800,000 will be applicable.

Where taxable income exceeds Rs. 2,500,000 but does not exceed Rs. 3,500,000, fixed tax of Rs. 195,000 plus 17.5% of the amount exceeding Rs. 2,500,000 will be applicable.

Where taxable income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000, fixed tax of Rs. 370,000 plus 20% of the amount exceeding Rs. 3,500,000 will be applicable.

Where taxable income exceeds Rs. 5,000,000 but does not exceed Rs. 8,000,000, fixed tax of Rs. 670,000 plus 22.5% of the amount exceeding Rs. 5,000,000 will be applicable.

Where taxable income exceeds Rs. 8,000,000 but does not exceed Rs. 12,000,000, fixed tax of Rs. 1,345,000 plus 25% of the amount exceeding Rs. 8,000,000 will be applicable.

Where taxable income exceeds Rs. 12,000,000 but does not exceed Rs.30,000,000, fixed tax of Rs. 2,345,000 plus 27.5% of the amount exceeding Rs. 12,000,000 will be applicable.

Where taxable income exceeds Rs. 30,000,000 but does not exceed Rs.50,000,000, fixed tax of Rs. 7,295,000 plus 30% of the amount exceeding Rs. 30,000,000 will be applicable.

Where taxable income exceeds Rs. 50,000,000 but does not exceed Rs.75,000,000, fixed tax of Rs. 13,295,000 plus 32.5% of the amount exceeding Rs. 50,000,000 will be applicable.

Where taxable income exceeds Rs.75,000,000 Rs. 21,420,000 plus 35% of the amount exceeding Rs. 75,000,000 will be applicable.

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