ISLAMABAD: The government has announced new tax slab for salary persons to be applicable during tax year 2019 through Finance (Amendment) Bill 2018/2019 presented by Finance Minister Asad Umar on Tuesday.
Following is the table of new tax slabs to be applicable on persons deriving salary income:
|S No.||Taxable Income||Rate of Tax|
|01||Where the taxable income does not exceed Rs400,000||0 percent|
|02||Where the taxable income exceeds Rs400,000 but does not exceed Rs800,000||Rs1,000|
|03||Where the taxable income exceeds Rs800,000 but does not exceeds Rs1,200,000||Rs2,000|
|04||Where the taxable income exceeds Rs1,200,000 but does not exceed Rs2,500,000||5 percent of the amount exceeding Rs1,200,000|
|05||Where the taxable income exceeds Rs2,500,000 but does not exceeds Rs4,000,000||Rs65,000+15 percent of the amount exceeding Rs2,500,000|
|06||Where the taxable income exceeds Rs4,000,000 but does not exceed Rs8,000,000||Rs290,000+20 percent of the amount exceeding Rs.4,000,000|
|07||Where the taxable income exceeds Rs8,000,000||Rs1,090,000+25 percent of the amount exceeding Rs8,000,000|
Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.