ISLAMABAD – In the budget for the fiscal year 2023-24, the federal government has proposed exempting those earning up to Rs50,000 per month from paying income tax.
The finance division has made some tweaks in revised tax rates for people earning considerable salaries amid the ongoing crisis.
Following are tax rates for the salaried class:
| People earning less than Rs50,000 per month | No Tax |
| People earning Rs50,000 to Rs100,000 per month – | 2.5percent of the amount exceeding Rs600,000 |
| People earning between Rs100,000 to Rs200,000 per month | Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac |
| People earning Rs2-3lacs per month | Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac |
| People earning Rs3-5lacs per month | Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac |
| People earning Rs0.5 million to Rs1 million per month | Rs1.005 million (per annum) 32.5pc of the amount |
| People earning over a million per month | Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million |
Budget 2023-24: Pakistan announces new tax incentives and support efforts for freelancers, IT sector
