ISLAMABAD – The federal government on Friday announced new tax slabs in the budget for the fiscal year 2022-23.
According to the new tax slabs, people earning less than 1,200,000 per year have been exempted from income tax.
According to the new tax slabs, those earning more than 1,200,000 per year will have to pay seven percent of their income as income tax.
For small businesses, the minimum tax bracket has been raised from Rs400,000 to Rs600,000.
Also, the government has exempted cinemas and film producers from income tax. The government has given a tax break to information technology, agriculture, food security, youth income, renewable energy and education.
For small businesses, the minimum tax bracket has been raised from 4 lakh to 6 lakh.#Budget_for_economic_stability pic.twitter.com/ZNDQCksVWL
— PMLN (@pmln_org) June 10, 2022
Check out how the new tax regime will affect you:
Salary tax calculator after budget: pic.twitter.com/UjfJreUOt9
— Adnan Anjum (@dnananjum) June 10, 2022
The budget 2022-23 shows several significant changes. Under the new budget, the government had proposed an advance tax of 200 percent on the purchase of cars with engines larger than 1600cc.
