No Script Javascript is disabled. Please enable it for better working experience.
Advertisement
Tuesday 09 July, 2024
Advertisement

Budget 2023-24: Amount of Income Tax that Will be Deducted from your Salary

BY Shahzad Saeed Jun 11, 2023. 11:47 am

Advertisement

The federal government has proposed an exemption from income tax for people making up to Rs50,000 per month in the proposed budget for the fiscal year 2023–24. Therefore, those who make money in this range will not be subject to income tax.

The government has updated tax rates for the salaried class based on income brackets. A tax rate of 2.5 percent will apply to individuals earning between Rs50,000 and Rs100,000 per month on any amount over Rs600,000 per year.

The tax rate for those making between Rs. 100,000 and Rs. 200,000 per month is Rs. 15,000 per year plus 12.5% of the amount over Rs. 1.2 million.

The tax rate for individuals making between Rs200,000 and Rs300,000 per month is Rs165,000 per year plus 20% of the amount over Rs2.4 million.

The tax rate for those making between Rs300,000 and Rs500,000 per month is Rs405,000 annually plus 25% of earnings over Rs3.6 million.

A tax rate of Rs1.005 million per year, or 32.5 percent, will be applied to people who make between Rs500,000 and Rs1 million per month.

The tax rate for individuals making more than a million rupees per month is Rs2.955 million per year plus an additional 35 percent of earnings over Rs12 million.

These tax rate changes are intended to address the financial difficulties faced by people with high incomes during the ongoing crisis. It is significant to remember that these suggestions are included in the budget and are therefore up for approval and execution.

Read more: Budget 2023-24: How Much Tax Govt Adds to Fan, Bulbs?

Advertisement

Related Articles

Coldwave to hit Pakistan after Oct 17
Latest

Coldwave to hit Pakistan after Oct 17

According to the Pakistan Meteorological Department (PMD) on Thursday, a cold wave...

Maryam Nawaz's son Junaid Safdar divorce Ayesha
Latest

Maryam Nawaz's son Junaid Safdar divorce Ayesha

Junaid Safdar, the son of Pakistan Muslim League-Nawaz (PML-N) Maryam Nawaz, announced...

Who is Kathy Leutner? Sidney Crosby’s girlfriend
Latest

Who is Kathy Leutner? Sidney Crosby’s girlfriend

PITTSBURGH Sidney Crosby, a standout for the Penguins and one of the...

Petrol Price in Pakistan reduced by Rs. 8 from 1st October
Latest

Petrol Price in Pakistan reduced by Rs. 8 from 1st October

After three large increases in the previous fortnightly reviews, the caretaker government...

Punjab Announces Holiday for Schools on 28 September 2023 Amid Pink Eye Outbreak
Latest

Punjab Announces Holiday for Schools on 28 September 2023 Amid Pink Eye Outbreak

Due to an increase in pink eye (conjunctivitis) instances, Punjab's temporary Chief...

Who was Maddy Cusack?
Latest

Who was Maddy Cusack?

THE world has been shocked by the news that Sheffield United star...

Advertisement

Latest News

Linda De Sousa Abreu arrested for allegedly filmed having intimate relation with inmate in prison
US

Linda De Sousa Abreu arrested for allegedly filmed having intimate relation with inmate in prison

In the UK, a female prison guard faces charges after it was...

Farah El Kadhi Dead at 36, Cause of Death
Viral

Farah El Kadhi Dead at 36, Cause of Death

Local reports state that a well-known beauty influencer from Tunisia passed away...

Morgan Metzer beaten, bound, raped and nearly choked to death
US

Morgan Metzer beaten, bound, raped and nearly choked to death

A mother of two who was assaulted, restrained, sexually assaulted, and on...

James Everett du Bois, US Army vet swept out to sea
US

James Everett du Bois, US Army vet swept out to sea

Pictured is a US army veteran who was washed out to sea...

Advertisement