Many people don’t know the process to calculate the yearly income tax. If you also don’t know about your yearly income tax, then don’t worry. The Government of Pakistan has passed the scale for income tax. There is a calculator on this website according to policies of the Government of Pakistan.
Tax Calculator Pakistan
2018 – 2019
Income Tax Calculator
Maybe, you don’t know about this Income Tax Calculator which tells the yearly income tax. PakBills have a calculator to calculate your monthly and annual tax. You have to put the monthly income and calculator will tell you the monthly and yearly income tax. So, stay with me to know about the terms and conditions of the Income Tax Calculator.
There are details of tax calculations on which basis Income Tax Calculator works to calculate your monthly and annual income and tax.
Income Tax Slabs
An income tax bill of following slabs and income tax rates passed by the Government of Pakistan will be applicable for salaried persons for the year 2018-2019.
- If your salary is Rs. 400,000, then the rate of income tax is 0%.
- When you will earn between Rs. 400,000 to Rs. 800,000, then the rate of income tax is Rs.1000.
- If your salary is between Rs. 800,000 to Rs. 1,200,000, then the income tax rate is Rs.2000.
- When the salary is between Rs. 1,200,000 to 2,500,000, then the income tax rate is 5%.
- If the income salary is between Rs. 2,500,000 to 4,000,000 then the rate of income tax is 65,000+ 15% of amount exceeding Rs. 2,500,000.
- When the taxable salary income is Rs. 4,000,000 or 8,000,000 then the income tax rate is Rs.2,90,000 +20% of amount exceeding Rs. 4,000,000.
- If the salary is Rs. 8,000,000 then the rate of income tax is Rs. 1,090,000 + 25% of amount exceeding Rs. 8,000,000.
Tax Calculator Policy
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