Income Tax Schedule 2023 on Employee’s Salaries All You Need To Know

Income tax schedule 2023 on Salaries

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 NoTaxable IncomeRate of Tax
1Where taxable income ( gross salary) does not exceed Rs. 600,000/-0%
2Where 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/-
3Where 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/-
4Where 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/-
5Where 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/-
6Where taxable income ( gross salary) exceeds Rs. 6000,000/-Rs. 1095,000/- + 35% of the amount exceeding Rs. 6000,000/-
Income Tax Schedule 2023 on Employee's Salaries

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