ISLAMABAD : The government has cut down slabs for income tax from 12 to 7 in 2022-23:budget. According to the finance bill 2022-23. The government also scaled up exemptions limit to Rs 12 lakh income. However those who would have income between 6 lakh to 1.2 million would pay Rs 100 nominal income tax. Those falling in the slab of 12 lakh to to 24 lakh would pay 7 % tax on income. Those falling in the slab having income between Rs 2.4 million to 3.6 million to pay Rs 2.34 lakh fixed tax, Those falling in a slab of income between Rs 3.6 million to Rs 7.5 million will pay 17.5 % income tax and next group having income between Rs
6 million to 12 million will pay 22.5 % income tax . Those who would fall in next slab having income between 12 million and above to pay 32.5 % fixed tax.
