Monday , October 21 2019

The Government of Pakistan introduced New Tax slab For Salaries

Government of Pakistan introduced New Tax slab For Salaries

The government of Pakistan introduced New Tax slab For Salaries and New Tax slabs have been applied on Monday 1st July 2019. The FBR has proposed a tax rate of 5% to 35 % on twelve different slabs of salaried class through Finance Bill 2019-20.

According to the new Slab, A person having One Lac Salary can pay 2500 Rupees monthly, Salary Person who has 6 Lac pay cannot pay tax. the person employing freshly qualified graduates from a university or institution recognized by Higher Education Commission shall be entitled to a tax credit in respect of the amount of annual salary paid to the freshly qualified graduates for a tax year in which such graduates are employed. The tax credit shall be allowed for salary paid to the number of freshly qualified graduates not exceeding fifteen percent of the total employees of the company in the tax year.

Tax Able Income. Where the taxable income does not exceed Rs. 600,000 Rate of Tax is Zero.

Where the taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 Rate if Tax is 5% of the amount exceeding Rs. 600,000