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Amount of Income tax salaried class is bound to pay now!

The Federal Board of Revenue (FBR) aims to get Rs 50 billion closer to its overambitious revenue collection target by squeezing the pockets of the inflation-stricken salaried and non-salaried class further as it has proposed taxes on earnings exceeding taxable income ceiling of Rs 600,000 and Rs 400,000 respectively.

The FBR has proposed tax rate of 5 to 35 percent on twelve different slabs of salaried class through Finance Bill 2019-20. The Pakistan Tehreek-e-Insaf- (PTI) led government has withdrawn increased limit of taxable ceiling to Rs 0.6 million from Rs 1.2 million per annum.

Salaries of Grade 1 to 16 employees have been increased by 10 per cent, and Grade 17 to 20 by 5 per cent. However, no pay increase has been announced for Grade 21 and 22 employees.

Here is how the new slabs will affect the salaried class:

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