Committee lowered tax on annual income from 2.5pc to 1pc


Islamabad: In yet another relief for the salaried class, the National Assembly’s Standing Committee on Finance has approved the recommendation to reduce the income tax.
The meeting of the committee held under the chairmanship of Syed Naveed Qamar reviewed the clause-wise income tax proposal. The committee approved the proposal to amend the income tax for the salaried class.
Resultantly, the committee has lowered the tax on annual income from 2.5 percent to 1 percent, i.e., Rs0.6 million to Rs1.2 million.
It is pertinent to note that the government had reduced the income tax percentage for the fiscal year 2025-26. Earlier, the annual income tax was recommended at 2.5 percent for the salary of Rs0.6 million to Rs1.2 million, which was 5 percent in the previous fiscal year.

Inside Microsoft’s complicated relationship with OpenAI
- 6 hours ago

Military killed head of Palestine corps in IRCG’s overseas arm: Israeli defence minister
- 6 hours ago
The whiplash of covering Summer Game Fest 2025 in LA
- 6 hours ago

Gold price soars Rs1,465 per tola in Pakistan
- an hour ago
'Terrorist' killed, two others wounded in clash with police in DI Khan
- an hour ago

Eufy’s X10 Pro Omni mopping robovac has returned to its best price to date
- 6 hours ago

Teaser of much awaited drama ‘Mein Manto Nahi Hoon’ released
- 37 minutes ago

Richards saves the day for the USMNT on a night when the frontline couldn't
- 3 hours ago
Naveed Asghar appointed acting Wapda chairman
- an hour ago

Elden Ring Nightreign is getting even harder bosses
- 6 hours ago

Max will show autoplaying video previews picked by AI
- 6 hours ago

India says it will never restore Indus water treaty with Pakistan
- 2 hours ago