ISLAMABAD – In the current budget, the government has defined 12 categories(slabs) for the salaried class, and fixed tax rate from 2% to 30%. In thelast category, an employee getting more than Rs70 lakh per annum was boundto pay tax at the rate of 30% along with Rs1422,000 fixed amount.
In the upcoming financial year, those salaried persons with annual incomeof Rs400,000 have been exempted from tax. However, those getting Rs400,000to Rs800,000 and Rs800,000 to Rs1200,000 have been imposed token tax.
Therefore, those getting salary in the range of Rs40,000 to Rs100,000monthly, will get financial relief of Rs5,000 to Rs9,000. Tax ratio ofother three categories has also been cut by 50%.
The employees getting Rs12-24 lakh rupees will pay tax at the rate of 5%,those getting Rs24-48 lakh rupees annually will pay Rs60,000 fixed amount,and 10% tax for the amount over and above Rs24 lakh per annum.
For the last category, those drawing Rs48 lakh annual salary, would have topay Rs300,000 fixed tax, plus 15% additional tax for over and above incomeof Rs48 lakh rupees.
Experts say that non-salaried class has not been given any mentionablerelief in the new budget. Similarly the government must pay attention tothe plight of senior citizens.