Income Tax Schedule 2023 on Employee’s Salaries All You Need To Know
Federal Board of Revenue FBR circulated an official notification regarding amendments in the Income Tax Ordinance 2001. It has been made through Finance Act 2023 wherein rates of withholding tax deduction/collection have been enhanced with effect from 01 July 2023. The below table describes all slabs and taxable amounts.
| Serial No | Taxable Income | Rate of Tax |
| 1 | Where taxable income ( gross salary) does not exceed Rs. 600,000/- | 0% |
| 2 | Where taxable income ( gross salary) exceeds Rs. 600,000/- but doest not exceed Rs. 1200,000/- | Where taxable income ( gross salary) exceeds Rs. 600,000/- but does not exceed Rs. 1200,000/- |
| 3 | Where taxable income ( gross salary) exceeds Rs. 1200,000/- but does not exceed Rs. 2400,000/- | Rs. 1500/- + 12.50% of the amount exceeding Rs. 1200,000/- |
| 4 | Where taxable income ( gross salary) exceeds Rs. 2400,000/- but does not exceed Rs. 3600,000/- | Rs. 165,000/- + 22.50% of the amount exceeding Rs. 2400,000/- |
| 5 | Where taxable income ( gross salary) exceeds Rs. 3600,000/- but does not exceed Rs. 6000,000/- | Rs. 435,000/- + 27.50% of the amount exceeding Rs. 3600,000/- |
| 6 | Where taxable income ( gross salary) exceeds Rs. 6000,000/- | Rs. 1095,000/- + 35% of the amount exceeding Rs. 6000,000/- |
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