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Determination of new salary tax rate for salaried class

Determination of new salary tax rate for salaried class
June 21, 2021

ISLAMABAD (92 News) - A new salary tax rate has been fixed for the salaried class, no tax on annual salary up to Rs600,000 and the new salary tax rates will be applicable in the financial year 2021-22.

According to the new salary tax rate for the salaried class, those earning up to 0.6 million rupees will be exempted from tax. 0.6 million rupees to 1.2 million rupees salary will be taxed at 5 per cent. 1.2 million rupees to 1.8 million rupees will have to pay 10 per cent tax and Rs30,000 per annum. 1.8 million rupees to 2.5 million rupees salary will have to pay 15 per cent tax and Rs90,000 per annum.

According to the document, 17% tax on 2.5 million rupees to 3.5 million rupees and in addition to the percentage tax, an annual amount of Rs1 lakh 95 thousand will have to pay.

Those receiving a salary of Rs 3.5 million to Rs 5 million will have to pay 17.5 per cent tax and Rs 395,000 per annum. 8 million rupees to 12 million rupees salary will have to pay 25 per cent tax and Rs1.345 million annually. Those who are receiving more than 12 million rupees annual salary will have to pay Rs 23 lakh 45 thousand in addition to 27.5 per cent annually.

30 million rupees to 50 million rupees salary will be taxed at 30 per cent and will also have to pay 7.2 million 95 thousand rupees. Annually income of 50 million rupees to 70 million rupees will be taxed 32.5 per cent. Salary takers of this slab will also have to deposit Rs 13.2 million and 95 thousand rupees annually. On a salary of more than Rs 75 million rupees per annum, 35 per cent tax and Rs 21.4 million and 20 thousand rupees will have to be paid annually.