Income tax slab 2023-24

For individuals with an income group of below Rs. 150 million, Rs. 150 million to Rs. 200 million, Rs. 200 million to Rs. 250 million, Rs. 250 million to Rs. 300 million, and Rs. 300 million to Rs. 350 million remains unchanged, with the tax rate at 0 percent, 1 percent, 2 percent, 3 percent and 4 percent respectively for both FY23 and FY24. Individuals whose income falls between Rs. 400 million and Rs. 500 million to face a higher tax rate of 8 percent for FY24, compared to the previous 4 percent rate in FY23. Courtesy: Ismail Iqbal Securities Similarly, for individuals whose income exceeds Rs. 500 million, the tax rate to be raised to a significant 10 percent for FY24, up from 4 percent in FY23. Now Trending • Government Imposes Up To 15% Customs Duty on Tractors • UAE Unemployment Insurance Scheme Does Not Apply to Emirates Workers • Etihad Group Presents Exclusive Property Sales Event for Etihad Garden in Rahim Yar … • The Multi-Million Dollar Scandalous Reality of International Healthcare Funding in P… • Commissioner SECP Meets Special Secretary Finance of KP ProPakistani is the premier and most trustworthy resource for all happenings in technology, telecom, business, sports, auto, education, real estate and entertainment news in Pakistan. Whether it's the top trending news, inside scoops or features, interviews, market trends and analysis, product reviews, How to's or tutorials – we cover it all.

ISLAMABAD – In the budget for the fiscal year 2023-24, the federal government has proposed exempting those earning up to Rs50,000 per month from paying income tax. The finance division has made some tweaks in revised tax rates for people earning considerable salaries amid the ongoing crisis. Following are tax rates for the salaried class: People earning less than Rs50,000 per month No Tax People earning Rs50,000 to Rs100,000 per month – 2.5percent of the amount exceeding Rs600,000 People earning between Rs100,000 to Rs200,000 per month Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac People earning Rs2-3lacs per month Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac People earning Rs3-5lacs per month Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac People earning Rs0.5 million to Rs1 million per month Rs1.005 million (per annum) 32.5pc of the amount People earning over a million per month Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 16, 2023 (Friday). Source: Forex Association of Pakistan. (last update 09:00 AM) Currency Symbol Buying Selling US Dollar ‎USD 294 297 Euro EUR 316 319 UK Pound Sterling GBP 371 375 U.A.E Dirham AED 81.3 82 Saudi Riyal SAR 77.7 78.5 Australian Dollar AUD 202 204 Bahrain Dinar ...

Finance Minister Nirmala Sitharaman announced changes in income tax slab rates under the new tax regime, in Budget 2023. The changes announced on February 1, 2023, will become applicable from April 1, 2023, for FY 2023-24 once the proposals are passed by Parliament. For the financial year 2023-24, which starts on April 1, 2023, the changes announced in the new tax regime are as follows: The basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh under the new income regimeNew tax regime becomes the default option for taxpayers. However, they have the option to opt for the old tax regimeIncome tax slabs have been revised under the new tax regimeStandard deduction of Rs 50,000 was introduced for salaried and pensioners under the new tax regime Rebate under Section 87A increased under the new tax regime for taxable incomes not exceeding Rs 7 lakh. Thus, individuals whose taxable income does not exceed Rs 7 lakh will not have to pay any taxes if they opt for the new tax regime in FY 2023-24. Highest surcharge rate was reduced to 25% from 37% under the new tax regime. No changes have been made under the old tax regime for FY 2023-24. The income tax slab and rates under the old tax regime remain unchanged for FY 2023-24. Also, no changes have been announced in the deductions and exemptions that are available under the old tax regime. A rebate under Section 87A is available under the old tax regime if taxable income does not exceed Rs 5 lakh. Till FY 2019-20 (ended on March 31,...

Income Tax Slabs 2023-24 for Salaried Employees/Salaried Persons: Finance Bill 2023 has proposed new income tax slabs and rates under the New Tax Regime. The announcement of new tax slabs and rates under the new regime by Finance Minister Nirmala Sitharaman during the Budget 2023 speech has raised several questions in the minds of salaried taxpayers/persons. The following details will remove all confusion about the new tax slab and rates applicable to salaried employees. Salaried employees/persons can file their Income Tax Returns (ITR) either under the Old Tax Regime or the New Tax Regime as per their choice. Both options will be available when you will be filing ITR for Assessment Year (AY) 2023-24. The last date for doing so would be July 31, 2023. There is no change in this regard. However, the New Tax Regime will appear as the default regime on the e-filing website. Salaried employees will have the option to go for Old Tax Regime as well. (Also check: Which Tax Slab and Rate will apply? For filing ITR in 2023 (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for salaried persons will be the same as it was in the previous year. The new changes proposed by Finance Minister Nirmala Sitharaman in Budget 2023 will be applicable next year, i.e. for AY 2024-25. New tax benefit for non-government salaried employees: CBDT notifies Rs 25 lakh Leave Encashment limit The slab and rates for ITR filing in AY 2023-24 will be as follows: New Tax Regime Slabs and ...

LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. Learn more in our Select Accept to consent or Reject to decline non-essential cookies for this use. You can update your choices at any time in your The Income Tax Department has recentlyrevisedthe salary tax slabsfor the financial year 2023-24. This means that there is a change in the income tax rates you will have to pay this year. If you are not sure how to calculate your income taxafter revision in tax slabs, read on for information and tips. By understanding the new tax rates, you can plan your finances better and ensure that you pay the correct amount of taxes. The income tax slabratesfor the fiscal year 2023-24 have been released by the Pakistan government. The new tax rates will come into effect from 1st July 2023. Here is a breakdown of the new income tax slab rates: To calculate your income tax, simply follow these steps: • PKR 50,000 Salary Income Tax Monthly: Zero • PKR 100000 Salary Income Tax Monthly: Rs.1250/- • PKR:200000:Salary Income Tax Monthly: Rs.13,750/- • PKR:300000:Salary Income Tax Monthly: Rs.33,750/- • PKR 400000: Salary Income Tax Monthly: Rs.58,750/- • PKR 500000: Salary Income Tax Monthly: Rs.83,750/- • PKR 600000: Salary Income Tax Monthly: Rs.1,16250/- • PKR 700000:Salary Income Tax Monthly: Rs.1,48750/- • PKR 800000:Salary Income Tax Month...

Finance Minister Nirmala Sitharaman announced changes in income tax slab rates under the new tax regime, in Budget 2023. The changes announced on February 1, 2023, will become applicable from April 1, 2023, for FY 2023-24 once the proposals are passed by Parliament. For the financial year 2023-24, which starts on April 1, 2023, the changes announced in the new tax regime are as follows: The basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh under the new income regimeNew tax regime becomes the default option for taxpayers. However, they have the option to opt for the old tax regimeIncome tax slabs have been revised under the new tax regimeStandard deduction of Rs 50,000 was introduced for salaried and pensioners under the new tax regime Rebate under Section 87A increased under the new tax regime for taxable incomes not exceeding Rs 7 lakh. Thus, individuals whose taxable income does not exceed Rs 7 lakh will not have to pay any taxes if they opt for the new tax regime in FY 2023-24. Highest surcharge rate was reduced to 25% from 37% under the new tax regime. No changes have been made under the old tax regime for FY 2023-24. The income tax slab and rates under the old tax regime remain unchanged for FY 2023-24. Also, no changes have been announced in the deductions and exemptions that are available under the old tax regime. A rebate under Section 87A is available under the old tax regime if taxable income does not exceed Rs 5 lakh. Till FY 2019-20 (ended on March 31,...

ISLAMABAD – In the budget for the fiscal year 2023-24, the federal government has proposed exempting those earning up to Rs50,000 per month from paying income tax. The finance division has made some tweaks in revised tax rates for people earning considerable salaries amid the ongoing crisis. Following are tax rates for the salaried class: People earning less than Rs50,000 per month No Tax People earning Rs50,000 to Rs100,000 per month – 2.5percent of the amount exceeding Rs600,000 People earning between Rs100,000 to Rs200,000 per month Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac People earning Rs2-3lacs per month Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac People earning Rs3-5lacs per month Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac People earning Rs0.5 million to Rs1 million per month Rs1.005 million (per annum) 32.5pc of the amount People earning over a million per month Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on June 16, 2023 (Friday). Source: Forex Association of Pakistan. (last update 09:00 AM) Currency Symbol Buying Selling US Dollar ‎USD 294 297 Euro EUR 316 319 UK Pound Sterling GBP 371 375 U.A.E Dirham AED 81.3 82 Saudi Riyal SAR 77.7 78.5 Australian Dollar AUD 202 204 Bahrain Dinar ...

Income Tax Slabs 2023-24 for Salaried Employees/Salaried Persons: Finance Bill 2023 has proposed new income tax slabs and rates under the New Tax Regime. The announcement of new tax slabs and rates under the new regime by Finance Minister Nirmala Sitharaman during the Budget 2023 speech has raised several questions in the minds of salaried taxpayers/persons. The following details will remove all confusion about the new tax slab and rates applicable to salaried employees. Salaried employees/persons can file their Income Tax Returns (ITR) either under the Old Tax Regime or the New Tax Regime as per their choice. Both options will be available when you will be filing ITR for Assessment Year (AY) 2023-24. The last date for doing so would be July 31, 2023. There is no change in this regard. However, the New Tax Regime will appear as the default regime on the e-filing website. Salaried employees will have the option to go for Old Tax Regime as well. (Also check: Which Tax Slab and Rate will apply? For filing ITR in 2023 (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for salaried persons will be the same as it was in the previous year. The new changes proposed by Finance Minister Nirmala Sitharaman in Budget 2023 will be applicable next year, i.e. for AY 2024-25. New tax benefit for non-government salaried employees: CBDT notifies Rs 25 lakh Leave Encashment limit The slab and rates for ITR filing in AY 2023-24 will be as follows: New Tax Regime Slabs and ...

LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and to show you relevant ads (including professional and job ads) on and off LinkedIn. Learn more in our Select Accept to consent or Reject to decline non-essential cookies for this use. You can update your choices at any time in your The Income Tax Department has recentlyrevisedthe salary tax slabsfor the financial year 2023-24. This means that there is a change in the income tax rates you will have to pay this year. If you are not sure how to calculate your income taxafter revision in tax slabs, read on for information and tips. By understanding the new tax rates, you can plan your finances better and ensure that you pay the correct amount of taxes. The income tax slabratesfor the fiscal year 2023-24 have been released by the Pakistan government. The new tax rates will come into effect from 1st July 2023. Here is a breakdown of the new income tax slab rates: To calculate your income tax, simply follow these steps: • PKR 50,000 Salary Income Tax Monthly: Zero • PKR 100000 Salary Income Tax Monthly: Rs.1250/- • PKR:200000:Salary Income Tax Monthly: Rs.13,750/- • PKR:300000:Salary Income Tax Monthly: Rs.33,750/- • PKR 400000: Salary Income Tax Monthly: Rs.58,750/- • PKR 500000: Salary Income Tax Monthly: Rs.83,750/- • PKR 600000: Salary Income Tax Monthly: Rs.1,16250/- • PKR 700000:Salary Income Tax Monthly: Rs.1,48750/- • PKR 800000:Salary Income Tax Month...