Salary Income Tax Slabs Financial Year 2014-2015

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 2014-2015:

  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 750,000, the rate of income tax is 5% of the amount exceeding Rs 400,000.
  3. Where the taxable income exceeds Rs 750,000 but does not exceed Rs 1,400,000,the rate of income tax is Rs 17,500 + 10% of the amount exceeding Rs 750,000.
  4. Where the taxable income exceeds Rs 1,400,000 but does not exceed Rs 1,500,000, the rate of income tax is Rs 82,500 + 12.5% of the amount exceeding Rs 1,400,000.
  5. Where the taxable income exceeds Rs 1,500,000 but does not exceed Rs 1,800,000, the rate of income tax is Rs 95,000 + 15% of the amount exceeding Rs 1,500,000.
  6. Where the taxable income exceeds Rs 1,800,000 but does not exceed Rs 2,500,000, rate of tax is Rs 140,000 + 17.5% of the amount exceeding Rs 1,800,000.
  7. Where the taxable income exceeds Rs 2,500,000 but does not exceed Rs 3,000,000, the rate of income tax is Rs 262,500 + 20% of the amount exceeding Rs 2,500,000.
  8. Where the taxable income exceeds Rs 3,000,000 but does not exceed Rs 3,500,000, the rate of income tax is Rs 362,500 + 22.5% of the amount exceeding Rs 3,000,000.
  9. Where the taxable income exceeds Rs 3,500,000 but does not exceed Rs 4,000,000, the rate of income tax is Rs 475,000 + 25% of the amount exceeding Rs 3,500,000.
  10. Where the taxable income exceeds Rs 4,000,000 but does not exceed Rs 7,000,000, the rate of income tax is Rs 600,000 + 27.5% of the amount exceeding Rs 4,000,000.
  11. Where the taxable income exceeds Rs 7,000,000, rate of tax is Rs 1,425,000 + 30% of the amount exceeding Rs 7,000,000.

For Income Tax calculator for salaried class year 2014-2015 Click Here

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