Govt Considering Increasing Tax Exemption Threshold for Salaried Class

The federal government is considering giving a relief in terms of income tax to those with lower monthly incomes. Sources told ProPakistani that the government is considering giving more relief to middle-income salaried people in the upcoming budget. Sources say the government might raise the income limit for tax exemption from the current threshold of Rs. 600,000 per year or Rs. 50,000 a month. It is pertinent to mention here that the salaried class in Pakistan has paid a record income tax of Rs. 391 billion during the first nine months of the current fiscal year. According to FBR data, income tax paid by salaried class during the period was Rs. 23 billion more than the total income tax paid by the salaried class during the entire last fiscal year.