Tax for Salaried and Business Persons in Budget 2022-23

There is good news for Govt employees in the budget 2022-23 as the Govt announced a big 15% rise in salaries for federal Govt employees.

Whereas the federal retired persons will also receive a 5% rise in the pension although Govt gave 10% 10% rise in April 2022.

The private sectors and Govt employees both receive tax exemptions as well.

The minimum threshold for tax revised and now the minimum taxable income will be Rs.1200,000 which earlier was Rs.600,000.

It means a person earning Rs.100,000 per month will not pay any tax as per budget 2022-23.

The tax slabs for budget 2022-23 is as under

 

Income Tax for Business retailers

There will be a fix tax for the small retailers as per budget 2022-23.

It has always been difficult to accumulate the income of the small retailers and bring them under the tax net.

Hence the income tax from small retailers will be part of electricity bills from now onward.

The range of the tax will be from Rs.3000 to Rs.10000 depending upon the income level of the retailers.

Taxable income for the small retailers is up from Rs.400,000 as per the previous budget to Rs.600,000 in the current budget.

FBR will ask no further questions to small retailers regarding their income and taxation thereof.

There will be a super tax for the business persons earning more than Rs.25 M per month or Rs.300 Million annually.

This super tax rate will be 2 % of the total income of the business individual.

Revised Basic Pay Scale 2022-23 for Govt Employees

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Also Read: Tax on Rental income and Sale of Property Budget 2022-23

 

 

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