Income Tax Slabs Salary Tax Calculator Proposed Budget 2022-2023

Salary Tax Calculator 2022-23 Pakistan | Income Tax Slabs 2022-23

June 14, 2022 - ByAdmin

SevenIncome Tax slabs of Salary Incomehas been introduced in the proposed Budget Income Tax Slabs.

According to theProposed budget for the year 2022-2023, monthly salary of up to Rs. 50,000 (Rs. 600,000 annually) will be exempt from income tax.

Budget Proposed Income Tax Slabs 2022-2023

A tax ofRs. 100will be charged where taxable annual income exceedsRs. 600,000 (Rs. 50,000 per month)but does not exceedRs. 1.2 million annually (Rs. 100,000 per month).

Income Tax Slabs Salary Income Comparison of TY 2022 and 2023 Proposed — Budget Income Tax Slabs Proposed 2022-2023

WhereSalary annual income exceeds Rs. 1.2 million (Rs. 100,000 per month)but does not exceed anannual income of Rs. 2.4 million or Rs. 200,000 per month,tax rate of 7%of the amount exceeding the annual income of Rs. 1.2 million will be charged.

Wheretaxable annual income exceeds Rs. 2.4 million or Rs. 200,000 per monthbut does not exceedRs. 3.6 million annually or Rs. 300,000 per month, the tax rate will be12.5 percent of the amount exceeding Rs. 2.4 million as well as a fixed amount of Rs. 84,000 annually.

Wheretaxable annual income exceeds Rs. 3.6 million or Rs. 300,000 per monthbut does not exceed Rs.6 million annually/Rs. 500,000 per month, the rate of tax will be17.5 percentof the amount exceedingRs. 3.6 million with an additional fixed Rs. 234,000 annually (Rs. 19,500 per month).

Proposed Income Tax Slabs 2022 2023 budget — **Proposed Income Tax Slabs Budget 2022-2023**

Tax willRs. 654,000 annually (Rs. 54,500 per month) + 22.5 percentof the amount exceedingRs. 6 million if taxable annual income exceeds Rs. 6 million (Rs. 500,000 per month)but does not exceedRs. 12 million (Rs. 1 million).

Wheretaxable annual income exceeds Rs. 12 million (Rs. 1 million per month), there will beannual income tax of Rs. 2,004,000 (Rs. 1,67,000 per month) + 32.5%of the amount exceeding Rs. 12 million.

Income Tax Slabs of Companies, Corporate Sector

Three Income Tax slabs / rates proposed for the income of companies through the Finance Bill 2023.

Budget proposed an income tax rate of 20 percent on the income of small companies, 42 percent for banking companies, and 29 percent for any other companies.