Income Tax Slabs Financial Year 2015-2016

taxation

As per the  Finance Act  passed by Government of Pakistan, following  slabs and income tax rates shall be applicable for  salaried persons  and salaried class for the year  2015-2016:

  1. Where the taxable salary income does not exceed Rs 400,000, the rate of income tax is 0%;
  2. Where the taxable income exceeds Rs 400,000 but does not exceed Rs 500,000, the rate of income tax is 2% of the amount exceeding Rs 400,000.
  3. Where the taxable income exceeds Rs 500,000 but does not exceed Rs 750,000, the rate of income tax is Rs. 2,000 + 5% of the amount exceeding Rs 500,000.
  4. Where the taxable income exceeds Rs 750,000 but does not exceed Rs 1,400,000,the rate of income tax is Rs 14,500 + 10% of the amount exceeding Rs 750,000.
  5. Where the taxable income exceeds Rs 1,400,000 but does not exceed Rs 1,500,000, the rate of income tax is Rs 79,500 + 12.5% of the amount exceeding Rs 1,400,000.
  6. Where the taxable income exceeds Rs 1,500,000 but does not exceed Rs 1,800,000, the rate of income tax is Rs 92,000 + 15% of the amount exceeding Rs 1,500,000.
  7. Where the taxable income exceeds Rs 1,800,000 but does not exceed Rs 2,500,000, rate of tax is Rs 137,000 + 17.5% of the amount exceeding Rs 1,800,000.
  8. Where the taxable income exceeds Rs 2,500,000 but does not exceed Rs 3,000,000, the rate of income tax is Rs 259,500 + 20% of the amount exceeding Rs 2,500,000.
  9. Where the taxable income exceeds Rs 3,000,000 but does not exceed Rs 3,500,000, the rate of income tax is Rs 359,500 + 22.5% of the amount exceeding Rs 3,000,000.
  10. Where the taxable income exceeds Rs 3,500,000 but does not exceed Rs 4,000,000, the rate of income tax is Rs 472,000 + 25% of the amount exceeding Rs 3,500,000.
  11. Where the taxable income exceeds Rs 4,000,000 but does not exceed Rs 7,000,000, the rate of income tax is Rs 597,000 + 27.5% of the amount exceeding Rs 4,000,000.
  12. Where the taxable income exceeds Rs 7,000,000, rate of tax is Rs 1,422,000 + 30% of the amount exceeding Rs 7,000,000.

For  Income Tax calculator  for salaried class year 2015-2016  Click Here

 

 

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