The National Assembly has approved revised income tax slabs for the salaried class.
The Minister For Finance on Wednesday presented the cluses by clause of Finance bill in National Assembly.
According to the amended finance bill, there will be no tax on an annual income of Rs 0.6 million, whereas the annual income of Rs 0.6 to 1.2 million will be taxed at 2.5 percent of the amount exceeding Rs 0.6 million.
Those earning Rs 1.2 million to Rs 2.4 million will have to pay a fixed tax of Rs 15,000 plus 12.5 percent of the amount exceeding Rs 1.2 million. Where taxable income exceeds Rs 2.4 million but does not exceed Rs 3.6 million the tax rate is Rs 165,000 plus 20 percent of the amount exceeding Rs 2.4 million.
Those earning between Rs 3.6 million to Rs 6 million will have to pay Rs 405,000 plus 25 percent of the amount exceeding Rs 3.6 million.
For income between Rs 6 million to Rs 12 million, the tax will be Rs 10.05 million plus 32.5 percent of the amount exceeding Rs 6 million.
Where taxable income exceeds Rs 12 million, the tax is Rs 2.955 million plus 35 percent of the amount exceeding Rs 12 million.
