A notice was published by the government of Pakistan on the income tax rates that apply to paid jail employees. The letter said that the government has made the decision to raise the tax rates that apply to workers. Along with the rise in the slab, they want to also raise the tax rate that applies to those working for salaries. Latest Income Tax Rates 2022-23 for Salaried Persons with Slabs.
In addition to this, the government will also issue a chart detailing the tax rates that would apply to those with salaries in 2022 and 2023. The following is a chart that breaks out the various tax rates that will apply to workers in 2022. We have provided the person with both the whole chart and the slab in order to facilitate their work.
Income Tax Rates 2022-23
Have a glance at the details income tax rates announced by the government for salaried persons. The details are as under.
|S. No.||Taxable income||Rate of Tax|
|1.||Where the taxable income does not exceed Rs.600,000||Rs. 0|
|2.||Where the taxable income exceeds Rs.600,000 but does not exceed Rs.1,200,000||2.5% of the amount exceeding Rs.600,000|
|3.||Where taxable income exceeds Rs.1,200,000 but does not exceed Rs.2,400,000||Rs.15,000 + 12.5% of the amount exceeding Rs.2,400,000|
|4.||Where taxable income exceed Rs.2,400,000 but does not exceed Rs.3,600,000||Rs.165,000 + 20% of the amount exceeding Rs.2,400,000|
|5.||Where taxable income exceeds Rs.3,600,000 but does exceeds Rs.6,000,000||Rs.1005,000 + 32.5% of the amount exceeding Rs.6,000,000|
|6.||Where the taxable income exceeds Rs.6,000,000 but does not exceed Rs.12,000,000||Rs.2,955,000 + 35% of the amount exceeding
The tables that were just given make it quite evident that the tax rates for the different pay grades of workers have gone down. If we take a look at the second tax bracket, for instance, we will see that the tax rates dropped from 5 percent to 2.5 percent. These workers paid an income tax rate of 5% in prior years of their employment. Despite this, the slab became longer.
Previously, the annual income for this slab began at 800,000 rupees per annual, however now the annual income for this slab begins at 600,000 rupees per annual. Employees whose monthly salary is $50,001 or more are required to submit tax paperwork and pay income tax. When calculating your yearly tax, you may also examine the different slabs that are available. Those workers who make less than Rs. 50,000 per month won’t have to worry about paying income tax.