Saifullah Sani
SENIOR MEMBER
- Joined
- Apr 15, 2011
- Messages
- 3,339
- Reaction score
- 2
- Country
- Location
ISLAMABAD: The government has doubled the slabs for the salaries class, up from 6 to 12 in the budget 2013-14 where tax burden has increased on the middle and higher income earners.
According to the Finance Bill 2013, the taxable income up to Rs400,000 per annum will remain exempted from any tax. Where the income exceeds Rs400,000 but does not exceed Rs500,000, they will have to pay 5 percent tax on per annum basis. In case taxable income exceeds Rs500,000 but does not exceed Rs800,000, the FBR will charge Rs5000 plus 7.5 percent of the amount exceeding Rs500,000.
For those earning more than Rs800,000 but less than Rs1,300,000, the FBR has imposed Rs27,500 plus 10 percent of the amount exceeding Rs800,000.The taxable income exceeding Rs1,300,000 but below Rs1,800,000, the tax will be Rs77,500 plus 12.5 percent of the amount exceeding Rs1,300,000 per annum.
For income that exceeds Rs1,800,000 but does not exceed Rs2,200,000, the tax will be Rs140,000 plus 15 percent of the amount exceeding Rs1,800,000.
Income exceeding Rs2,200,000 but below Rs2,600,000 per annum will taxed at the rate of Rs200,000 plus 17.5 percent of the amount exceeding Rs2,200,000.
In case salaried income exceeds Rs2,600,000 but does not exceed Rs3,000,000 per annum, the tax will be Rs270,000 plus 20 percent of the amount exceeding Rs2,600,000.
Where the taxable income exceeds Rs3,000,000 but does not exceed Rs3,500,000, the FBR will charge Rs350,000 plus 22.5 percent of the amount exceeding Rs3,000,000.
In case the taxable income exceeds Rs3,500,000 but does not exceed Rs4,000,000, the FBR has imposed tax rate of Rs462,500 plus 25 percent of the amount exceeding Rs3,500,000.
If the taxable income exceeds Rs4,000,000 but does not exceed Rs7,000,000, the tax rate be Rs587,500 plus 27.5 percent of the amount exceeding Rs4,000,000.
And if the taxable income exceeds Rs7,000,000, the FBR has imposed tax at the rate of Rs1,412,500 plus 30 percent of the amount exceeding Rs7,000,000 on per annum basis.
The taxman comes after middle to high-income persons - thenews.com.pk
According to the Finance Bill 2013, the taxable income up to Rs400,000 per annum will remain exempted from any tax. Where the income exceeds Rs400,000 but does not exceed Rs500,000, they will have to pay 5 percent tax on per annum basis. In case taxable income exceeds Rs500,000 but does not exceed Rs800,000, the FBR will charge Rs5000 plus 7.5 percent of the amount exceeding Rs500,000.
For those earning more than Rs800,000 but less than Rs1,300,000, the FBR has imposed Rs27,500 plus 10 percent of the amount exceeding Rs800,000.The taxable income exceeding Rs1,300,000 but below Rs1,800,000, the tax will be Rs77,500 plus 12.5 percent of the amount exceeding Rs1,300,000 per annum.
For income that exceeds Rs1,800,000 but does not exceed Rs2,200,000, the tax will be Rs140,000 plus 15 percent of the amount exceeding Rs1,800,000.
Income exceeding Rs2,200,000 but below Rs2,600,000 per annum will taxed at the rate of Rs200,000 plus 17.5 percent of the amount exceeding Rs2,200,000.
In case salaried income exceeds Rs2,600,000 but does not exceed Rs3,000,000 per annum, the tax will be Rs270,000 plus 20 percent of the amount exceeding Rs2,600,000.
Where the taxable income exceeds Rs3,000,000 but does not exceed Rs3,500,000, the FBR will charge Rs350,000 plus 22.5 percent of the amount exceeding Rs3,000,000.
In case the taxable income exceeds Rs3,500,000 but does not exceed Rs4,000,000, the FBR has imposed tax rate of Rs462,500 plus 25 percent of the amount exceeding Rs3,500,000.
If the taxable income exceeds Rs4,000,000 but does not exceed Rs7,000,000, the tax rate be Rs587,500 plus 27.5 percent of the amount exceeding Rs4,000,000.
And if the taxable income exceeds Rs7,000,000, the FBR has imposed tax at the rate of Rs1,412,500 plus 30 percent of the amount exceeding Rs7,000,000 on per annum basis.
The taxman comes after middle to high-income persons - thenews.com.pk
You guys are paying peanuts compared to us Indians!!
