{"id":47558,"date":"2024-09-05T21:34:51","date_gmt":"2024-09-05T16:34:51","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=47558"},"modified":"2024-09-06T13:36:35","modified_gmt":"2024-09-06T08:36:35","slug":"fbr-announces-tax-card-for-salary-class-employees-heres-all-you-need-to-know","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/fbr-announces-tax-card-for-salary-class-employees-heres-all-you-need-to-know\/","title":{"rendered":"FBR announces Tax Card for salaried class employees: Here\u2019s all you need to know"},"content":{"rendered":"<p>ISLAMABAD: In a move to provide tax relief to the salaried class, the <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/sugar-advisory-board-approves-export-of-40000-ton-sugar-to-tajikistan\/\">Federal Board of Revenue<\/a> (FBR) on Thursday released a new tax card applicable for the tax year 2024-25.<\/p>\n<p>The FBR directed the employers to deduct the applicable tax from the salaries, to ensure tax collection from the citizens. The move aims to reduce the burden on low-income earners while maintaining a streamlined system for high-income earners.<\/p>\n<p>As per the details, giving relief to <a href=\"https:\/\/dailyausaf.com\/en\/pakistan\/sindh-govt-announces-comprehensive-relief-plan-to-ease-electricity-burden\/\">low-income earners<\/a>, the FBR said that those with an annual income of up to Rs 600,000 will be exempted from income tax.<\/p>\n<h2>Taxes on\u00a0salaried class<\/h2>\n<p>However, for those earning more than Rs 600,000, the tax structure is as follows: 5 percent tax applies to income between Rs 600,000 and Rs 1.2 million per annum, meanwhile, on a salary of Rs 1 million, Rs 20,000 Tax applies. 400,000 which is more than the exemption.<\/p>\n<p>Those earning between Rs 1.2 million and Rs 2.2 million will have to pay a fixed tax of Rs 30,000 plus 15 percent on the amount above Rs 1.2 million, the FBR said.<\/p>\n<p>On the other hand, for salaries between Rs 2.2 million and Rs 3.2 million, income above Rs 2.2 million is taxed at Rs 180,000 plus 25 percent tax.<\/p>\n<p>Additionally, a fixed tax of Rs 430,000 plus 30 percent applies to income between Rs 3.2 million and Rs 4.1 million on additional income, and a fixed tax of Rs 700,000 applies to those earning more than Rs 4.1 million, an additional 35 percent. 4.1 million in revenue over Rs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: In a move to provide tax relief to the salaried class, the Federal Board of Revenue (FBR) on Thursday released a new tax card applicable for the tax year 2024-25. The FBR directed the employers to deduct the applicable tax from the salaries, to ensure tax collection from the citizens. The move aims to [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":18255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[131,21390],"class_list":["post-47558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fbr","tag-fixed-tax"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/47558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=47558"}],"version-history":[{"count":3,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/47558\/revisions"}],"predecessor-version":[{"id":47605,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/47558\/revisions\/47605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/18255"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=47558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=47558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=47558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}