Income Tax Calculator 2020-2021 Pakistan

The Income Tax is a tax that is payable on your annual income. The Income Tax Calculator 2020-2021 Pakistan is designed to facilitate the taxpayer to understand the tax ratio. Below you will find Income Tax Calculator 2020-2021. In 2020-2021 the income tax payable 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 2019 to June 2020, then you are liable to pay income tax to FBR.

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 2020-2021 (Password: legalversity.com)

You can also enroll in our Income Tax Return Master Course 2022 by pressing the apply now button.

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 the 0% tax will be applicable.
If the salary exceeds Rs. 600,000 but it 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 the 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.