The new income tax slabs for the salaried class under the amended Finance Bill 2023 revealed that higher rate of income tax would now be applicable from July 1, 2023, where annual taxable income exceeds Rs. 2,400,000.
According to the amended Finance Bill 2023 issued by the Federal Board of Revenue (FBR) on Sunday, where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000, the rate of tax would be Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000.
There is no change in the income tax rates for salaried individuals where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000, the rate of tax would remain at Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000.
Under the new slab, where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000, the rate of tax would be Rs. 405,000 + 27.5% of the amount exceeding Rs. 3,600,000.
The revised income tax slab for salaried class revealed that where taxable income exceeds Rs. 6,000,000, the rate of tax would be Rs. 1,095,000 plus 35 percent of the amount exceeding Rs. 6,000,000.
