New Income Tax Rates for Salaried Class
According to the updated Finance Bill 2023’s new income tax slabs for the salaried class, a higher rate of income tax would now be payable starting on July 1, 2023, in cases where yearly taxable income surpasses Rs. 2,400,000.
According to the modified Finance Bill 2023 released by the Federal Board of Revenue (FBR) on Sunday, the tax rate would be Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000 for taxable income that is greater than Rs. 2,400,000 but does not exceed Rs. 3,600,000.
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For salaried people with taxable income that exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000, the income tax rates remain unchanged and are still set at Rs. 15,000 + 12.5% of the amount that surpasses Rs. 1,200,000.
The rate of tax under the new slab would be Rs. 405,000 + 27.5% of the amount beyond Rs. 3,600,000. However, the taxable income cannot exceed Rs. 6,000,000.
The new income tax slab for the salaried class showed that the rate of tax would be Rs. 1,095,000 + 35 percent of the amount above Rs. 6,000,000 if taxable income exceeds Rs.
| Sr # | Taxable Income | Rate of Tax |
| 1. | Where taxable income does not exceed Rs. 600,000 | 0% |
| 2. | Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 | 2.5% of the amount exceeding Rs. 600,000 |
| 3. | Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000 | Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000 |
| 4. | Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000 | Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000 |
| 5. | Where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000 | Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000 |
| 6. | Where taxable income exceeds Rs. 6,000,000 | Rs. 1,095,000 + 35% of the amount exceeding Rs. 6,000,000 |
However, the rate of tax for the lower slabs will remain the same.
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