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.

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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.

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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.