Islamabad: The federal government has increased the excise duty on the registration of vehicles of more than 2000 cc in the federal budget of the upcoming fiscal year 2023-24, besides this, the tax rate has also been increased for those with an income of more than two lakh rupees per month. has given
According to the details, a fixed tax of 6% has been imposed on the value of 2500 cc vehicles from 2001 through the Amending Finance Bill, previously the tax was Rs 1.5 lakh for filers and Rs 3 lakh for non-filers.
In the upcoming budget, a fixed tax of 8% has been imposed on the registration of vehicles between 2501 and 3000 cc, which was earlier Rs 2 lakh for filers and Rs 4 lakh for non-filers.
Similarly, a fixed tax of 10% has been imposed on the registration of vehicles above 3000 cc, which was earlier Rs 2.5 lakh for filers and Rs 4.5 lakh for non-filers.
Through the Amending Finance Bill, the income tax has been increased from 2.5% to 22.5% on income up to Rs.24 lakh per annum, fixed income tax of Rs.165,000 will also be levied on this income.
In the budget, the income tax has been increased from 25% to 27.5% on annual income up to 36 lakh rupees, fixed income tax of 4 lakh 35 thousand rupees will also be levied on this income.
Similarly, the income tax has been increased from 32.5% to 35% on annual income of more than 60 lakhs, fixed income tax of 10 lakh 95 thousand rupees will also be levied on this income.
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