Thread: Updated Income Tax Ordinance and Tax Rates 2014-15
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Old Friday, January 02, 2015
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Default What tax rates ll apply in CSS 15?
Quote:
Originally Posted by bismaa View Post
As per the Finance Act passed by Government of Pakistan, following slabs and income tax rates shall be applicable for salaried persons and salaried class for the year 2014-2015:

Where the taxable salary income does not exceed Rs 400,000, the rate of income tax is 0%;
Where the taxable income exceeds Rs 400,000 but does not exceed Rs 750,000, the rate of income tax is 5% of the amount exceeding Rs 400,000.
Where the taxable income exceeds Rs 750,000 but does not exceed Rs 1,400,000,the rate of income tax is Rs 17,500 + 10% of the amount exceeding Rs 750,000.
Where the taxable income exceeds Rs 1,400,000 but does not exceed Rs 1,500,000, the rate of income tax is Rs 82,500 + 12.5% of the amount exceeding Rs 1,400,000.
Where the taxable income exceeds Rs 1,500,000 but does not exceed Rs 1,800,000, the rate of income tax is Rs 95,000 + 15% of the amount exceeding Rs 1,500,000.
Where the taxable income exceeds Rs 1,800,000 but does not exceed Rs 2,500,000, rate of tax is Rs 140,000 + 17.5% of the amount exceeding Rs 1,800,000.
Where the taxable income exceeds Rs 2,500,000 but does not exceed Rs 3,000,000, the rate of income tax is Rs 262,500 + 20% of the amount exceeding Rs 2,500,000.
Where the taxable income exceeds Rs 3,000,000 but does not exceed Rs 3,500,000, the rate of income tax is Rs 362,500 + 22.5% of the amount exceeding Rs 3,000,000.
Where the taxable income exceeds Rs 3,500,000 but does not exceed Rs 4,000,000, the rate of income tax is Rs 475,000 + 25% of the amount exceeding Rs 3,500,000.
Where the taxable income exceeds Rs 4,000,000 but does not exceed Rs 7,000,000, the rate of income tax is Rs 600,000 + 27.5% of the amount exceeding Rs 4,000,000.
Where the taxable income exceeds Rs 7,000,000, rate of tax is Rs 1,425,000 + 30% of the amount exceeding Rs 7,000,000.
I appeared in css 2014 and Tax qs was regarding year 2012. Do you know in css 15, what tax year rates ll apply?
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