Abb Takk News

Minimum Taxable Income Revised For Salaried, Non-Salaried Persons

ISLAMABAD: The minimum taxable income was reviewed and set at Rs0.6 million and Rs0.4 million per annum for the salaried and non-salaried persons, respectively, State Minister for Revenue Hammad Azhar announced while presenting the Federal Budget 2019-20.

In this regard, 11 taxable slabs at progressive tax rates from 5 per cent to 35 per cent were introduced in Federal Budget 2019-20 for salaried people with income of more than Rs0.6 million per annum.

Further, eight taxable slabs at tax rates from 5 per cent to 35 per cent were introduced in Federal Budget 2019-20 for non-salaried people with an income of more than Rs0.4 million per annum.

It is noteworthy that the minimum taxable income is usually based on the per capita income and examples of such leniency are not common, he noted.

Separately, non-filers were no more restricted from purchasing property and can buy estate of over Rs5 million, he mentioned.