Income Tax Calculator 2022-2023 Pakistan

The Income Tax is a tax that is payable on your annual income. The Income Tax Calculator 2022-2023 Pakistan is designed to facilitate the taxpayer’s understanding of the tax ratio. Below you will find Income Tax Calculator 2022-2023.

In 2022-2023 the income tax payable for salary person on the amount that exceeds 600,000 Rupees per year. In simple words, if you are earning more than 600,000 Rupees in a fiscal year starting from July 2022 to June 2023, then you are liable to pay income tax to FBR.

For a Businessperson, the taxable income is 400000. If you are a businessman and you earn beyond 400000 then you are liable to pay tax on your income exceeding 400000.

There are different tax slabs available for different incomes that a person earns in the whole year. Below is a list given to understand it better.

Download Tax Calculator 2022-2023 (Password: legalversity.com)

You can also enroll in our Income Tax Return Master Course by pressing the apply now button.

Income Tax Slabs in 2022-2023

Here is the latest tax calculator for the year 2022-2023  by the government of Pakistan. The following slabs and income tax rates will be applicable for salaried persons for the year 2022-2023:

1. Where the taxable salary income does not exceed Rs. 600,000 the rate of income tax is 0%.
2. Where the taxable salary income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000 the rate of income tax is 2.5% of the amount exceeding Rs. 600,000
3. Where the taxable salary income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000 the rate of income tax is Rs. 15,000+12.5% of the amount exceeding Rs. 1,200,000.
4. Where the taxable salary income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000 the rate of income tax is Rs. 165,000 + 20% of the amount exceeding Rs. 2,400,000.
5. Where the taxable salary income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000 the rate of income tax is Rs. 405,000 + 25% of the amount exceeding Rs. 3,600,000.
6. Where the taxable salary income exceeds Rs. 6,000,000 but does not exceed Rs. 12,000,000 the rate of income tax is Rs. 1,005,000 + 32.5% of the amount exceeding Rs. 6,000,000.
7. Where the taxable salary income exceeds Rs. 12,000,000 the rate of income tax is Rs. 2,955,000 + 35% of the amount exceeding Rs. 12,000,000.

Different Income Tax Slabs in 2020-2021

The FBR has given us the following Tax Slabs and income tax rates for all salary persons.

• If your salary does not exceed Rs. 600,000 a 0% tax will be applicable.
• If the salary exceeds Rs. 600,000 but does not go beyond Rs. 1200,000 then the 5% Tax Rate will be applicable to the amount which is above 60,0000.
• Where the taxable salary income goes beyond Rs. 1,200,000 but not more than Rs. 1,800,000 the rate of income tax is Rs. 30,000 plus 10% of the amount exceeding Rs. 1,200,000.
• If the taxable salary income exceeds Rs. 1,800,000 but does not go beyond Rs. 2,500,000 the rate of income tax is Rs. 90,000 plus 15% of the amount exceeding Rs. 1,800,000.
• When the salary income exceeds Rs. 2,500,000 but does not exceed Rs. 3,500,000 the rate of income tax is Rs. 195,000 plus 17.5% of the amount exceeding Rs. 2,500,000.
• If the taxable salary income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000 the rate of income tax is Rs. 370,000 plus 20% of the amount exceeding Rs. 3,500,000.
• When the taxable salary income goes beyond Rs. 5,000,000 but does not exceed Rs. 8,000,000 the rate of income tax is Rs. 670,000 plus 22.5% of the amount exceeding Rs. 5,000,000.
• If the taxable income exceeds Rs. 8,000,000 but does not exceed Rs. 12,000,000 the rate of income tax is Rs. 1,345,000 plus 25% of the amount exceeding Rs. 8,000,000.
• The taxable salary income when exceeds Rs. 12,000,000 but does not exceed Rs. 30,000,000 the rate of income tax is Rs. 2,345,000 plus 27.5% of the amount exceeding Rs. 12,000,000.
• And when the taxable income exceeds Rs. 30,000,000 but does not exceed Rs. 50,000,000 the rate of income tax is Rs. 7,295,000 plus 30% of the amount exceeding Rs. 30,000,000.
• Where the taxable income exceeds Rs. 50,000,000 but does not exceed Rs. 75,000,000 the rate of income tax is Rs. 13,295,000 plus 32.5% of the amount exceeding Rs. 50,000,000.
• If the taxable income exceeds Rs. 75,000,000 the rate of income tax will be Rs. 21,420,000 plus 35% of the amount exceeding Rs. 75,000,000.

If you wish to learn in detail about Income tax return method then must enroll in this Income Tax Return Master course, Salary Course, Business Course, Freelancer Course, or Non-Resident Pakistani.

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Conclusion

So that’s it. This is the income tax calculator for 2022-2023. Must use this calculator before filing your income tax return.