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

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

ReplyDeleteDear Faisal,

ReplyDeleteThe 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

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

ReplyDeleteHello Mr. Faisal

ReplyDeleteHow 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.

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

ReplyDeleteif 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

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

Thnakx.

Ibrahim Badar

Nice Sharing...

ReplyDeleteChartered Accountant In Delhi

Dear Mr Faisal,

ReplyDeleteWould 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

A Nice information, many thanks to the author. It is incomprehensible to me now, but in general, the usefulness and significance is overwhelming. Thanks again and good luck!

ReplyDeletePIC Scheme

A Thanks for sharing this information with us. Your material is up to date and quite informative, I would like to bookmark this page so I can come here to read this again, as you have done a wonderful job.

ReplyDeletePIC Scheme

How much income tax should be paid by a person with a basic salary of Rs 40000/- per month.

ReplyDeleteThanks for your kind support.

Property Tax Calculator Personal Tax Expert - Providing you with useful Tax Saving Tips, Inheritance Tax UK & Property Tax Calculator. Voted Number 1 source for financial information by Economia Readers.

ReplyDelete