Here are the new tax slabs for salaried and non-salaried persons
Pakistan Tehreek e Insaf announced its first budget yesterday, redefining new tax slabs for salaried and non-salaries persons.
- The federal government announced the budget for the year 2019-2020.
- The new tax slabs have been announced after several tax adjustments.
- Federal Board of Revenue (FBR) aims to get Rs50 billion closer to its overambitious revenue collection.
- Taxes on earnings exceeding taxable income ceiling of Rs600,000 and Rs400,000 respectively have been proposed.
- The FBR has proposed a tax rate of 5 to 35 per cent on twelve different slabs of the salaried class.
The Federal Board of Revenue (FBR) has set the target to get Rs 50 billion closer to its overambitious revenue collection. The target is planned to be achieved by squeezing the pockets of salaried and non-salaried class, which has already been worst affected by inflation.
The Federal Board of Revenue (FBR) has proposed taxes on earnings exceeding taxable income ceiling of Rs 600,000 and Rs 400,000 respectively. The FBR has further proposed a tax rate of 5 to 35 per cent on twelve different slabs of salaried class through Finance Bill 2019-20.
The incumbent government has withdrawn increased limit of the taxable ceiling to Rs 0.6 million from Rs1.2 million per annum. For the salaried class whose annual income exceeds Rs 600,000, eleven tax slabs with progressive tax rates ranging from 5 per cent to 35 per cent have been introduced under the budget.
The new budget has been announced with several tax adjustments, including adjustments in income tax slabs for individuals and association of persons.
Tax Slabs for Salaried Class:
If the income exceeds seventy-five per cent of his taxable income, the rates of tax applied will be as following:
Tax Slabs for Unsalaried Class:
The rates of tax imposed on the income of every individual and association of persons, except for a salaried individual, are the following:
Via | Pro Pakistani
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