Implementation of the new Finance Act 2023 has started, additional super tax on higher income has been implemented at a new rate.
The Federal Board of Revenue (FBR) Act Upload to website Done, now 10% super tax will be applicable on annual income of 50 crores instead of 30 crores.
10% super tax has also been levied on income of banking companies above Rs 30 crore, the rate of super tax on income up to Rs 15 crore per annum has been maintained at 0 level.
10% will be recovered even if earning more than 30 crores in major sectors, airlines, automobiles, beverages, cement, chemicals, cigarettes, tobacco sector, fertilizers, iron, steel, LNG terminal, oil marketing, oil refinery, petroleum. , gas, pharmaceuticals, sugar, textiles will also be subject to 10% super tax.
Companies earning Rs 40 crore to Rs 50 crore will have to pay 8% super tax, on Rs 35 crore to Rs 40 crore, the rate of super tax has increased from 4 to 6 per cent.
4% super tax rate has been maintained on annual income of Rs 30 crore to Rs 35 crore, while 3 per cent super tax rate will be applicable on annual income of Rs 25 crore to Rs 30 crore.
2% super tax has to be paid on annual income between 20 crore and 25 crore rupees and 1 percent super tax remains on annual income between 15 crore and 20 crore rupees while super tax rate on income up to 15 crore rupees per annum remains at zero level.
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