Salary rates required
 

salam

Kindly tell me what was the rate decided in this budget for minimum taxable income for 2011-12.Last it it was 200000 for men and 260000 for women but this year slab was raised.

The Proposed Salary Income Tax Slab Rates 2011-12 In Pakistan Federal Budget Bill are as follows:
([B]Note:[/B] These are annual incomes. You may accordingly find monthly income by dividing annual income by 12.)

1. Where the taxable income does not exceed Rs.350,000
0%

2. Where the taxable income exceeds Rs.350,000 but does not exceed Rs.400,000
1.50%

3. Where the taxable income exceeds Rs.400,000 but does not exceed Rs.450,000
2.50%

4. Where the taxable income exceeds Rs.450,000 but does not exceed Rs.550,000

3.50%

5. Where the taxable income exceeds Rs.550,000 but does not exceed Rs.650,000
4.50%

6. Where the taxable income exceeds Rs.650,000 but does not exceed Rs.750,000
6.00%

7. Where the taxable income exceeds Rs.750,000 but does not exceed Rs.900,000
7.50%

8. Where the taxable income exceeds Rs.900,000 but does not exceed Rs.1,050,000
9.00%

9. Where the taxable income exceeds Rs.1,050,000 but does not exceed Rs.1,200,000
10.00%

10. Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs.1,450,000
11.00%

11. Where the taxable income exceeds Rs.1,450,000 but does not exceed Rs.1,700,000
12.50%

12. Where the taxable income exceeds Rs.1,700,000 but does not exceed Rs.1,950,000
14.00%
13. Where the taxable income exceeds Rs.1,950,000 but does not exceed Rs.2,250,000
15.00%

14. Where the taxable income exceeds Rs.2,250,000 but does not exceed Rs.2,850,000
16.00%

15. Where the taxable income exceeds Rs.2,850,000 but does not exceed Rs.3,550,000
17.50%

16. Where the taxable income exceeds Rs.3,550,000 but does not exceed Rs.4,550,000,
18.5%

17. Where the taxable income exceeds Rs.4,550,000.
20.00%

thanks bro..One more question i want to ask.What is the current rate on bank transactions??i heard that this year they lowered the rate..

[QUOTE=usman khalid;334224]The Proposed Salary Income Tax Slab Rates 2011-12 In Pakistan Federal Budget Bill are as follows:
([B]Note:[/B] These are annual incomes. You may accordingly find monthly income by dividing annual income by 12.)

1. Where the taxable income does not exceed Rs.350,000
0%

2. Where the taxable income exceeds Rs.350,000 but does not exceed Rs.400,000
1.50%

3. Where the taxable income exceeds Rs.400,000 but does not exceed Rs.450,000
2.50%

4. Where the taxable income exceeds Rs.450,000 but does not exceed Rs.550,000

3.50%

5. Where the taxable income exceeds Rs.550,000 but does not exceed Rs.650,000
4.50%

6. Where the taxable income exceeds Rs.650,000 but does not exceed Rs.750,000
6.00%

7. Where the taxable income exceeds Rs.750,000 but does not exceed Rs.900,000
7.50%

8. Where the taxable income exceeds Rs.900,000 but does not exceed Rs.1,050,000
9.00%

9. Where the taxable income exceeds Rs.1,050,000 but does not exceed Rs.1,200,000
10.00%

10. Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs.1,450,000
11.00%

11. Where the taxable income exceeds Rs.1,450,000 but does not exceed Rs.1,700,000
12.50%

12. Where the taxable income exceeds Rs.1,700,000 but does not exceed Rs.1,950,000
14.00%
13. Where the taxable income exceeds Rs.1,950,000 but does not exceed Rs.2,250,000
15.00%

14. Where the taxable income exceeds Rs.2,250,000 but does not exceed Rs.2,850,000
16.00%

15. Where the taxable income exceeds Rs.2,850,000 but does not exceed Rs.3,550,000
17.50%

16. Where the taxable income exceeds Rs.3,550,000 but does not exceed Rs.4,550,000,
18.5%

17. Where the taxable income exceeds Rs.4,550,000.
20.00%[/QUOTE]

and what about rent? some ppl give property on rent and the table is different for that, can u also post it plz? i remember reading for 2008 n it had different for taxable income n different table for rent income plz mention that also if u can thank u

[QUOTE=khanbaba512;334518]thanks bro..One more question i want to ask.What is the current rate on bank transactions??i heard that this year they lowered the rate..[/QUOTE]

The rate of tax deductible on Cash Withdrawals from Banks has been reduced to 0.2% from 0.3%.

[QUOTE=ThaHawk;334559]and what about rent? some ppl give property on rent and the table is different for that, can u also post it plz? i remember reading for 2008 n it had different for taxable income n different table for rent income plz mention that also if u can thank u[/QUOTE]

Dear, Property Tax is a not a federal subject rather a provincial subject. The information on rental icome tax is as under:

[B]Rental Income Tax[/B]
As of 2007, income from property is subject to a presumptive tax regime. Income from leasing property is subject to a 5% final withholding tax levied on the gross rent. Under Income Tax Ordinance 2001 property income exceeding Rs. 150,000 (including any advance/Pagree / biana is liable to tax. Individuals earning rental income not exceeding PKR150,000 (US$1,904) are exempted from taxation if they have no other sources of income.

[B]Capital Gains[/B]
Capital gains realized by individuals from selling real property are not taxed in Pakistan unless sales of real property are part of the individual’s business.
Capital gains in connection with a taxpayer’s business activities are considered as business income and taxed accordingly.

[B]Property Tax[/B]
Property tax is generally levied at a flat rate of 10% on the property’s value. However, property tax is levied at progressive rates in the Punjab province.

[B]Capital Value Tax[/B]
Individuals who purchase real property in urban areas or acquire the right to use the real property for more than 20 years are liable to pay capital value tax. The tax is levied at 2% on the property’s recorded value. If no property value is recorded, the tax is levied at PKR50 (US$0.64) per square yard of the property.

In 2012 auditing and accounting paper they income tax problem contained a data of taxation year ending june 2008....now in order to calculate the taxable income for such a problem one has to have a knowledge of 2008 tax slabs....but i think everyone in the exam was aware of the tax slabs of the tax year 2011-2012...den how did they solve this problem.....