How much tax will be paid by those who earn salary up to 12 lakhs per annum? Important news.
Islamabad: Big news for those with an annual income of 12 lakhs, Income Tax has been doubled in the new budget, how much tax will have to be paid now.
According to the details, the government failed to control the deficit in the last financial year, the target of limiting the budget deficit to 6900 billion rupees in the last financial year, while the budget deficit was 7800 billion rupees, the deficit was 7.4 percent instead of the target of 6.5 percent.
The report said that in the new budget, the income tax slab on annual income of 12 lakhs has been doubled, the tax on the annual income slab of 12 lakhs has been increased to 2.5% instead of 1.2%.
The report said that the tax rate on the annual income slab of 22 lakhs has been increased from 6.3 to 8.1%, on the annual income of 32 lakhs the tax rate has been increased from 10.7 to 13.4%.
According to the report, the tax rate has been increased from 18.2 to 22.7 percent on the annual income slab of 4.2 lakh, and the tax rate on the annual income slab of 6.2 lakh has been increased from 22.4 to 25.8 percent.
Apart from this, the tax rate has been increased from 26.3 to 31.6 percent on the annual income slab of 12 million and the tax rate on the annual income slab of 15 million has been increased from 28.3 to 33.11 percent.