As is well knowledge, the federal government delivered the budget for the fiscal year 2022–2023 in June of the same year. During the presentation of the budget for 2022, the government disclosed all of the necessary adjustments that would be made across all ministries. Therefore, the government made the announcement that the monthly salary of government workers would be increased. Through our company website, you will be able to see the updated pay scale chart for 2022. Revised Income Tax Slabs 2022 According to the New Salaries of Employees.
Revised Income Tax Slabs 2022 According to the New Salaries of Employees
However, in tandem with the increases in pay, the government simultaneously raised the amount of taxes paid by those in the salary bracket. According to the site, the decision to raise taxes was taken by the administration in response to a demand from the IMF. The International Monetary Fund (IMF) ordered that taxes be withheld after altering the rules for tax deductions on wages and after removing the assistance that had been granted during the Budget 2022.
Rate Revisions for Individual Income Tax in 2022
As a result, the Federal Board of Revenue (FBR) has just now submitted the amended tax determination criteria based on 25 June 2022 on the salary in accordance with the instructions provided by the IMF. As a result, the most recent tax brackets for the income tax in 2022 have been included below for each and every salary bracket.
|Salary Under Rs. 50,000 Per Month||No Tax|
|More than Rs. 50,000 but fewer than Rs. 100,000 per month||2.5% of amount after 50,000 Rs.|
|Higher than PKR 100,000 but under 200,000 per month||PKR 15,000 + 12.5% of the amount exceeding Rs. 1,200,000|
|Higher than Rs. 200,000 but under 300,000 per month||PKR 165,000 + 20% of the amount exceeding Rs. 2,400,000|
|Higher than Rs. 300,000 but under 500,000 per month||PKR 405,000 + 25% of the amount exceeding Rs. 3,600,000|
|Higher than Rs. 500,000 but under 1,000,000 per month||PKR 1,005,000 + 32.5% of the amount exceeding Rs. 6,000,000|
|Higher than Rs. 1,000,000 per month||PKR 2955,000 + 35% of the amount exceeding Rs. 12,000,000 per year|