Updated tax slabs for salaried persons in 2016/2017
KARACHI: Federal Board of Revenue (FBR) has issued updated tax slab for salaried persons. The tax slabs are applicable for year 2016/2017, according to Income Tax Ordinance, 2001 updated as on July 01, 2016.
Provided further that Internally Displaced Persons Tax (IDPT), treated as income tax, on the tax payable on the taxable income of one million rupees or more, shall be levied at the rate of 5 percent of such tax for tax year 2009 (IB) Where the taxable income in a tax year, other than income on which the deduction of tax is final, does not exceed one million rupees of a person-
(i) holding a National Database Registration Authority’s Computerized National Identity Card for disabled persons; or
(ii) a taxpayer of the age of not less than sixty years on the first day of that tax year, the tax liability on such income shall be reduced by fifty per cent.