Wednesday, June 12, 2013

Latest Pakistan Income Tax Calculator 2013-2014

Total number of tax slabs had been increased from the current six to 12. According to officials, the incidence of income tax on middle income group has also been increased.

According to the Finance Bill (2013-14) issued here on Wednesday:
Slab-1
Where the taxable income does not exceed Rs 400,000, the rate of tax is 0%;
Slab-2
Where the taxable income exceeds Rs 400,000 but does not exceed Rs 500,000, the rate of tax would be 5% of the amount exceeding Rs 400,000;
Slab-3
Where the taxable income exceeds Rs 500,000 but does not exceed Rs 800,000, the rate of tax would be Rs 5,000 + 7.5% of the amount exceeding Rs 500,000;
Slab-4
Where the taxable income exceeds Rs 800,000 but does not exceed Rs 1,300,000, the rate of tax would be Rs 27,500 + 10% of the amount exceeding Rs 800,000;
Slab-5
Where the taxable income exceeds Rs 1,300,000 but does not exceed Rs 1,800,000, the rate of tax would be Rs 77,500 + 12.5% of the amount exceeding Rs 1,300,000;
Slab-6
Where the taxable income exceeds Rs 1,800,000 but does not exceed Rs 2,200,000, the rate of tax would be Rs 140,000 + 15% of the amount exceeding Rs 1,800,000;
Slab-7
Where the taxable income exceeds Rs 2,200,000 but does not exceed Rs 2,600,000, the rate of tax would be Rs 200,000 + 17.5% of the amount exceeding Rs 2,200,000;
Slab-8
Where the taxable income exceeds Rs 2,600,000 but does not exceed Rs 3,000,000, the rate of tax would be Rs 270,000 + 20% of the amount exceeding Rs 2,600,000;
Slab-9
Where the taxable income exceeds Rs 3,000,000 but does not exceed Rs 3,500,000, the rate of tax would be Rs 350,000 + 22.5% of the amount exceeding Rs 3,000,000;
Slab-10
Where the taxable income exceeds Rs 3,500,000 but does not exceed Rs 4,000,000, the rate of tax would be Rs 462,500 + 25% of the amount exceeding Rs 3,500,000;
Slab-11
Where the taxable income exceeds Rs 4,000,000 but does not exceed Rs 7,000,000, the rate of tax would be Rs 587,500 + 27.5% of the amount exceeding Rs 4,000,000 and
Slab-12

Where the taxable income exceeds Rs 7,000,000, the rate of tax would be Rs 1,412,500 + 30% of the amount exceeding Rs 7,000,000

8 comments:

  1. ab tak to ap ka software bhi update ho chuka hoga? :)

    ReplyDelete
  2. Dear Faisal,
    The above is available on the finance bill commentary..
    Have you prepared the calculator in excel?
    Please share if you have made any.
    Thanks.
    A.H. Kath

    ReplyDelete
  3. How it compares with the tax slab for previous fiscal tear of 2012-2013

    ReplyDelete
  4. Hello Mr. Faisal
    How about the Allowances, such as Transport, Food, Insurance, Medical, Pension Fund, NYSC, Utility, Dependent Reletave, children Allowances.
    what is the percentage and how can we claim before we calculate the TAX on Gross Salary. Please advise me at "shahid.saleem88@gmail.com".
    Thank you.
    Regards
    Shahid Saleem
    Financial Controller
    Sevan Const. Nig Ltd
    +234.703.7760400.

    ReplyDelete
  5. This one is a Old Slab.....Please update with new one as per the Gazette of Pakistan Passed By National Assembly

    ReplyDelete
  6. if may salary 1440000 then how can i submit per month salary income tax and if my salary 120000 then how can i submit per month salary income tax

    kindly give me answer on my e-mail address raja.ibrahimg@gmail.com

    Thnakx.
    Ibrahim Badar

    ReplyDelete
  7. Dear Mr Faisal,

    Would you please let me know that which and how much % of allowances, benefits, expenses are added or subtracted to reach at Taxable Income, Tax amount.

    Would be very much glad and appreciate your prompt reply.

    Best Regards,

    Muhammad Umar
    umarsiddiqui.phlengg@gmail.com
    0332-2147598

    ReplyDelete