The Federal Govt has presented a budget of 144 trillion 60 billion rupees for the next financial year, in which salaries and pensions have been increased, while no new tax has been imposed in the budget.
While the government has substantially increased the salaries and pensions in the budget of the next financial year, the burden of income tax increase has not been put on the salaried class and the Govt has maintained the income tax slabs of the previous financial year itself.
If you want to know how much income tax will be deducted from your salary, you can find out your income tax instantly by entering your monthly salary on our Income Tax Calculator.
Amendments to the Income Tax Ordinance 2001 have been proposed in the Finance Bill for the new financial year. One proposal is for the rationalization of super tax under section 4C, which states that super tax will be levied on those with an additional income of Rs 15 crore per year.
Additional three new income slabs have been proposed for super tax. One slab is for those with an annual income of Rs 35 crore to Rs 40 crore, the 2nd is for those with an annual income of Rs 40 crore to Rs 50 crore and the third is for those with an annual income of more than Rs 50 crore.
The 1st income slab, which is for those with an annual income of Rs 35 crore to Rs 40 crore, will receive 6 percent super tax, those with an annual income of Rs 40 to 50 crore will be charged 8 percent super tax and those with an annual income of more than Rs 50 crore will be charged 10 percent super tax.