Income Tax Slabs
As per income tax exemption bill passed by Government of Pakistan, following slabs and income tax rates will be applicable for salaried persons for the year 2014-2015:
- Where the taxable salary income does not exceed Rs. 400,000 the rate of income tax is 0%.
- Where the taxable salary income exceeds Rs. 400,000 but does not exceed Rs. 750,000 the rate of income tax is 5% of the amount exceeding Rs. 400,000.
- Where the taxable salary income exceeds Rs. 750,000 but does not exceed Rs. 1,400,000 the rate of income tax is Rs. 17,500 + 10% of the amount exceeding Rs. 750,000.
- Where the taxable salary income exceeds Rs. 1,400,000 but does not exceed Rs. 1,500,000 the rate of income tax is Rs. 82,500 + 12.5% of the amount exceeding Rs. 1,400,000.
- Where the taxable salary income exceeds Rs. 1,500,000 but does not exceed Rs. 1,800,000 the rate of income tax is Rs. 95,000 + 15% of the amount exceeding Rs. 1,500,000.
- Where the taxable salary income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000 the rate of income tax is Rs. 140,000 + 17.5% of the amount exceeding Rs. 1,800,000.
- Where the taxable salary income exceeds Rs. 2,500,000 but does not exceed Rs. 3,000,000 the rate of income tax is Rs. 262,500+ 20% of the amount exceeding Rs. 2,500,000.
- Where the taxable salary income exceeds Rs. 3,000,000 but does not exceed Rs. 3,500,000 the rate of income tax is Rs. 362,500 + 22.5% of the amount exceeding Rs. 3,000,000.
- Where the taxable salary income exceeds Rs. 3,500,000 but does not exceed Rs. 4,000,000 the rate of income tax is Rs. 475,000 + 25% of the amount exceeding Rs. 3,500,000.
- Where the taxable salary income exceeds Rs. 4,000,000 but does not exceed Rs 7,000,000 the rate of income tax is Rs. 600,000 + 27.5% of the amount exceeding Rs. 4,000,000.
- Where the taxable salary income exceeds Rs. 7,000,000 the rate of income tax is Rs. 1,425,000 + 30% of the amount exceeding Rs. 7,000,000.
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