Rates
The PTI government has not changed income tax rates for this fiscal year. 2020-2021. This means that your income or salary will be taxed on the 2019 rates.
The income tax rates are mention in the budget, announced on June 12, 2020. As there was no change, the old 2019 slabs will apply. This situation could change if the government came up with a supplementary or mini-budget and decided to change these slabs in the next few months o
To see all the slabs please visit:
http://download1.fbr.gov.pk/Docs/2019731173630487FinanceAct,2019.pdf
Lowest taxpayers
People whose income is Rs600,000 per year (Rs50,000 per month) or less have been put in the lowest bracket with zero tax. If you are one of those people, your employer cannot deduct any tax from your paycheque.
Highest taxpayers
Those people who earn Rs1.2 million a year have to pay 5% tax on the amount that exceeds Rs600,000 and this keeps increasing as income rises.
There are 12 income brackets with Rs75 million per year or more being the highest bracket that is taxed 35%.
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