Income Tax exemption limit increased from 3.5 lacs to 4 lacs

ISLAMABAD : The Federal Minister for Finance Dr. Abdul Hafeez Shaikh has said that there is a good news for tax payers, salaried people, businessmen and corporations that the new budget does not propose any additional burden on them rather they are being provided tax relief.
The Minister announced increase in the income tax exemption limit from the existing three hundred and fifty thousand rupees to four hundred thousand rupees.  This relief would also be applicable to businessmen and association of persons.
Tax slabs have been reduced to just five for the benefit of the tax payers.  Under the new scheme of things, tax payers will have to pay more tax on that part of the income that is over and above a particular slab.
He said one can imagine the quantum of relief from the fact that tax payers with a monthly income of thirty-five thousand rupees who were presently paying a tax of ten thousand five hundred rupees will not pay a tax of just one thousand rupees.
This decision would provide relief worth eight billion rupees to low income tax payers and there will be no increase in the tax rate for the current tax payers.

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