• Govt reduces relief on income tax for salaried people in new amendment

    Govt reduces relief on income tax for salaried people in new amendment File Photo Govt reduces relief on income tax for salaried people in new amendment

    The federal government introduced amendments on Thursday in the Finance Act 2018’s Income Tax Ordinance, according to which the relief on income tax range has been reduced for the salaried persons.

    For an annual salary of 0.4 million rupees, no tax will be applied, while for Rs400,000 to Rs800,000 annual salary, tax will be Rs1,000.

    For Rs0.8 million to Rs 1.2 million rupees yearly income, Rs2,000 tax will be applied. Meanwhile, for those earning from Rs1.2 million to 2.4 million rupees, five per cent income tax will be applied.

    According to the new amendment, for those earning Rs2.4 million to 4.8 million rupees, tax will be Rs 60,000.

    For those earning more than Rs4.8 million yearly, will have to pay a fixed tax of Rs300,000 and additional of 15 per cent tax money.

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