Salary Tax Calculator Pakistan available here for those have no idea how to calculate the taxes over the specified salary. The development of the page is to calculate the tax upon individual salary so everyone should pay their taxes compliance with the FBR Pakistan rules. This page gives you exact and up-to-date information on tax when you put your salary in the specified space only. It is the page to facilitate those people who wants to know about the salary taxes. The calculation starts when you go with your monthly tax over the monthly salary with a single click.
Salary Tax Calculator Pakistan
The Federal Board of Revenue (FBR) has recommended that the government to decrease the minimum threshold of yearly revenue tax slab from Rs1.2 million from the upcoming miniature budget to create extra earnings. This could be the miniature budget of PTI. so get the idea about the above Salary Tax Calculator Pakistan
INCOME TAX SLABS FINANCIAL YEAR 2019-20
| INCOME TAX SLABS FINANCIAL YEAR 2019-20 | ||||
|---|---|---|---|---|
| NO. | LOWER LIMIT | UPPER LIMIT | FIXED AMOUNT ADDITION | INCOME TAX RATE (%) |
| 1 | 0 | 400000 | 0 | 0 |
| 2 | 400001 | 800000 | 1000 | 0 |
| 3 | 800001 | 1200000 | 2000 | 0 |
| 4 | 1200001 | 2400000 | 0 | 5 |
| 5 | 2400001 | 4800000 | 60000 | 10 |
| 6 | 4800001 | 10000000000 | 300000 | 15 |
| Source: nation.com.pk/22-Jan-2019/fbr-for-reducing-min-threshold-of-tax-slab |
The government will take some tax measures of about Rs 150 billion. It’s worth mentioning here that the former government had given exemption of earnings ceiling around Rs1.2 million in Rs400,000 per annum. The downward revision at minimum threshold of yearly revenue tax slab is just one reason behind enormous shortfall in tax collection through first six months (July to December) of this continuing fiscal year. so get the idea about the above Salary Tax Calculator Pakistan
Revised Pay Scale 2023
| BPS | Scale Year | MIN | INCR | MAX |
|---|---|---|---|---|
| 1 | 2023 | 11720 | 380 | 23120 |
| 2 | 2023 | 11950 | 430 | 24850 |
| 3 | 2023 | 13340 | 510 | 27640 |
| 4 | 2023 | 12710 | 580 | 30100 |
| 5 | 2023 | 13180 | 650 | 32680 |
| 6 | 2023 | 13280 | 730 | 35180 |
| 7 | 2023 | 14110 | 800 | 38110 |
| 8 | 2023 | 16610 | 880 | 14010 |
| 9 | 2023 | 15110 | 950 | 43610 |
| 10 | 2023 | 15610 | 1040 | 46810 |
| 11 | 2023 | 16140 | 1150 | 50640 |
| 12 | 2023 | 17100 | 1250 | 54600 |
| 13 | 2023 | 18310 | 1370 | 59410 |
| 14 | 2023 | 19490 | 1530 | 65390 |
| 15 | 2023 | 20700 | 1730 | 72600 |
| 16 | 2023 | 24280 | 1980 | 83680 |
| 17 | 2023 | 38990 | 2990 | 98790 |
| 18 | 2023 | 49210 | 3740 | 124010 |
| 19 | 2023 | 75990 | 3970 | 155390 |
| 20 | 2023 | 88650 | 5870 | 170830 |
| 21 | 2023 | 76720 | 5000 | 146720 |
| 22 | 2023 | 82380 | 5870 | 164560 |
The FBR had confronted tax set shortfall of Rs158 billion through first six months of this year that was continuing. Rs1894 billion had accumulated against the goal of Rs2052 billion during six months. For anyone who have earning Rs wages that is 800,000-Rs, might need to pay Rs 2,000 in taxation. Whereas, for individuals making Rs1.2 million to 2.4 million rupees, five percent extra tax will be implemented, in accordance with the new amendment. so get the idea about the above Salary Tax Calculator Pakistan
Read Out Basic Concepts of Tax on Income
For those making Rs 2.4 million to 4.8 million rupees annually will be pay Rs 60,000 along with 10pc additional taxation. Additional those making over Rs 4.8 million annually, a fixed tax of Rs 300,000 is payable along with 15pc of their wages amount above this limitation. “Increasing the minimum threshold of yearly revenue tax on Rs1.2 million in Rs400,000 has generated a shortfall of Rs25 billion in tax group over six months of this present financial year,” stated an official of the FBR. He said that FBR has recommended that the authorities to revise the minimal threshold of yearly revenue tax slab down from Rs1.2 million into Rs800, 000. so get the idea about the above Salary Tax Calculator Pakistan