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Oct 1st, 2008, 08:36 AM #1----
What is the income tax rate in pakistan? Like on wht salary band does a specific percentage apply.
I heard the max is 25%. So lets say I am earning 60K, what percentage would apply? Also what is the tax free income amount?
Oct 1st, 2008, 10:52 AM #2----
New Page 1
it varies between 0.5% to 25%
For income up to 1,00,000 Rs you don't have to pay any tax.
Also, it's wrong Group you should be posting it here -
Business, Economics, Personal Finance & Equity Markets
Oct 1st, 2008, 10:03 PM #3----
For salaried men it is 180,000 exemption now. Do you want exact calculation on 60K per month?
Oct 1st, 2008, 10:18 PM #4----
mo bhai, i didnt get it... u get an exmeption if u make less than 180K? also what about the withholdings they were going to introduce?
Oct 1st, 2008, 10:29 PM #5----
Income up to 180,000 is exempt. For example if you earn 250,000 in a year, 180,000 will be exempt from income tax and you have to pay income tax for rest of the 70,000.
Withholding tax and deduction of tax at source is already here in Pakistan since (at least) President Zia's governement.
Oct 3rd, 2008, 04:23 AM #6----
Hi, Thanks for the info ppl...
But is there any site or anyone coud tell me exacltly what bands does what figure apply. Like if I earn 60K a month = 720K a year, out of that 180K would be tax free but the remaining 540K would be taxed at what %? I am guessing the highest 25%?
Oct 3rd, 2008, 11:08 PM #7----
No its not the max rate for that income. Please send me your email address and I would send you the excel file to calculate tax on salary.
Last edited by Mostar95; Oct 4th, 2008 at 10:01 PM.
Oct 5th, 2008, 11:32 PM #8----
Annual tax liabitlity for 60K per month would be Rs.39,500.00.
This circular gives clear instructions to calculate tax on salary for current year.
Oct 7th, 2008, 02:17 AM #9----