Yesterday, the National Assembly approved the federal budget for the upcoming financial year 2023-24 and the amended Finance Bill 2023, after which Acting President Sadiq Sanjrani signed this finance bill today.
The bill has been revised to meet the International Monetary Fund (IMF) requirements and target tax collections have been increased.
On the demand of the IMF, the tax rate has also been increased on the high-income salaried and non-salaried classes.
The total estimate of the federal budget is 14 thousand 480 billion rupees, the federal development budget will be 900 billion rupees.
In the budget, the target of tax collections has been increased from 9,200 billion rupees to 9,415 billion rupees.
Pension payment has been increased from 761 billion rupees to 801 billion rupees.
In the budget, another 215 billion rupees of taxes have been imposed on the people.
Tax on sale and purchase of property has been increased from 1 percent to 2 percent and is expected to generate an additional Rs 45 billion.
There is no change in the tax rate for salaried persons in the budget, where the taxable income is more than 12 lakh rupees and up to 24 lakh rupees, 12.5% income tax on income above 12 lakh rupees, while 15 thousand rupees. Fixed income tax will have to be paid.
Where the taxable income is more than 24 lakh rupees but not more than 36 lakh rupees per annum, then 22.5% income tax will be paid on the amount exceeding 24 lakh rupees and fixed tax of 1 lakh 65 thousand rupees will have to be paid.
Where the taxable income exceeds Rs.36 lakhs per annum but does not exceed Rs.60 lakhs per annum, the rate of income tax shall be Rs.450,000 plus 27.5% of the amount exceeding Rs.36 lakhs.
Where the taxable income exceeds Rs.60 lakh per annum, the rate of tax shall be Rs.10 lakh 95 thousand plus 35% of the amount exceeding Rs.60 lakh.
If you want to know how much monthly and how much annual income tax will be deducted on your salary after the new amendment, then you can find it quickly by entering your monthly salary on our income tax calculator:…..
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