New income tax slabs proposed for super tax

Islamabad: Amendments to the Income Tax Ordinance 2001 have been proposed in the Finance Bill for the new financial year 2023-24 in which it had been proposed to rationalize the super tax under Section 4C.

According to details, the proposal stated that super tax will be collected from those with an additional income of Rs150 million per year.

Additional three new income slabs have been proposed for super tax. One slab is for those with an annual income of Rs350 million to Rs400 million, the second is for those with an annual income of Rs400 million to Rs500 million and the third is for those with an annual income of more than Rs500 million.

The first income slab, which is for those with an annual income of Rs350 million to Rs400 million, will receive 6% super tax.

8% super tax will be levied from those having annual income of Rs400 million to Rs500 million and 10% super tax is proposed to be levied from those earning more than Rs500 million per annum.