Income Tax Schedule 2023 on Salaries of Employees
Income Tax Schedule for Fiscal Year 2023-24 in Pakistan
Here is the income tax schedule for employees’ salaries in Pakistan for the fiscal year 2023-24, along with applicable deductions and factors to consider:
|Taxable Income Range||Tax Rate||Fixed Tax Amount (if applicable)||Percentage of Excess Income Tax|
|Up to Rs. 600,000||0%||N/A||N/A|
|Rs. 600,001 to Rs. 1,200,000||2.5%||N/A||2.5% of excess income|
|Rs. 1,200,001 to Rs. 2,400,000||N/A||Rs. 15,000||12.5% of excess income|
|Rs. 2,400,001 to Rs. 3,600,000||N/A||Rs. 165,000||22.5% of excess income|
|Rs. 3,600,001 to Rs. 6,000,000||N/A||Rs. 435,000||27.5% of excess income|
|Rs. 6,000,001 to Rs. 12,000,000||N/A||Rs. 1,095,000||35% of excess income|
|Over Rs. 12,000,000||N/A||Rs. 2,955,000||35% of excess income|
Deductions and Factors to Consider:
- Deductions: Taxpayers can claim deductions for medical expenses, education expenses, and donations to charitable organizations. The deduction amounts depend on individual circumstances.
- Additional Factors: The amount of tax payable can vary based on factors such as the number of dependents, the type of income, and the province of residence.
If you require personalized tax advice, it’s advisable to consult with a tax advisor for a precise assessment of your tax liability.