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Wednesday 21 February, 2024
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How much Income Tax will be Deducted From Your Salary in Budget 2023-24

BY Faizan Ahmed Jun 10, 2023. 05:46 pm

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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 depending on income levels. A tax rate of 2.5 percent would apply to anyone earning between Rs50,000 and Rs100,000 per month on any sum over Rs600,000 per year.

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

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

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

 

 

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