The new income tax slabs for the salaried class under the amended Finance Bill 2023 revealed that higher rate of income tax would now be applicable from July 1, 2023, where annual taxable income exceeds Rs. 2,400,000.
According to the amended Finance Bill 2023 issued by the Federal Board of Revenue (FBR) on Sunday, where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000, the rate of tax would be Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000.
There is no change in the income tax rates for salaried individuals where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000, the rate of tax would remain at Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000.
Under the new slab, where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000, the rate of tax would be Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000.
The revised income tax slab for salaried class revealed that where taxable income exceeds Rs. 6,000,000, the rate of tax would be Rs. 1,095,000 plus 35 percent of the amount exceeding Rs. 6,000,000.
| Sr # | Taxable Income | Rate of Tax |
| 1. | Where taxable income does not exceed Rs. 600,000 | 0% |
| 2. | Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 | 2.5% of the amount exceeding Rs. 600,000 |
| 3. | Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000 | Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000 |
| 4. | Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000 | Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000 |
| 5. | Where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000 | Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000 |
| 6. | Where taxable income exceeds Rs. 6,000,000 | Rs. 1,095,000 + 35% of the amount exceeding Rs. 6,000,000 |
However, the rate of tax for the lower slabs will remain the same.
They can only squeeze the salaried class as they do not have guts too bring more in tax net
They are taxing only the literate people who are not the voters of PDM.Very rich class are the certified looters and very poor class live on the Qeema Naan or BISP.This is kind of Pakistan Zardari and Nawaz wants.They want all the educated people to leave the country.
These idiots have done nothing to expand the tax net. No tax is being collected from agriculture sector, shopkeepers and jewellers because they would lose political capital.
Shameful gov with no taxes on their own business including agriculture where returns are high. The budget is too political!!!
I am deeply saddened that instead of providing relief, they have made life more difficult for the salaried class this time. They should have increased the exempted taxable income in terms of inflation and also decreased the tax rates. However, these are the same people from whom tax collection can easily be done. Let’s hold them accountable for it.
They already killed middle class in the past 1 year or so. Now burnedning us even more. While big fishes and boys in uniform pay zero taxes. And enjoy big pensions after retirement but we private employees what do we get? nothing only EOBi pension.
These morons can’t tax the elite ones they can only harass salaried class people bunch morons running the country
Allah ki lanat ho un sub pe jo sara bojh sirf aur sirf gharibo pe hi dalte hain aur khud Pakistan aur awam ko loot loot kr kha rahe hain.
Ameeeeeeeeeeeeeeeeeeen.
آمین
اللّٰہ پاک انکو تباہ و برباد کرے۔ میں تو توقع کر رہا تھا کہ ٹیکس کی ابتدائی حد کو جھ لاکھ سے بڑہا کر آٹھ یا دس لاکھ کریںگے۔
fittyy mooo Policy bnany walo ka.
Series 5, slab 3.6 to 6 million, fixed amount is 405k or 435k.. pls confirm?
Baray paiseeeee ayeeee mazay mazay
Ok I’ll get back to you.
it’s 420k
FU chachu wiski, FU bajwa, FU showbaz and PDM, lanat tum sub pay.
Aur chaato dar k bc