New income tax slabs in budget 2023-24

 New income tax slabs budget 2023-24

Tax is deducted from the government employees salaries each month by each department and submitted to the FEDERAL BOARD OF REVENUE FBR. Government announced to increased the salary of the government employees in the recently presented Budget 2023-2024 by 30% and 35 % while pension was increased upto 17.5 %. The Government didn't increase the tax on the salary of its serving employees. 

However to run the state and matters of financial impact, the government needs billions of dollars to pay the Loans and each month import bill.  But due to financial mismanagement finance minister Ishaq Dar always blame the Previous Prime Minister Imran Khan for violating the IMF deal and sabotage the IMF and Pakistan relationship. 

IMF in its recently press release accepted the Pakistan's Budget 2023-2024 with following conditions.

Increase of tax on salary of individuals taking more than 2 lac per month.

Cancellation of Ban on all kind of import item bill. 

Increase in the petroleum Levy by Rs.10 

Increase tax on the 2000 cc cars registration 

Increase tax on Fan with old Technology by Rs. 2000

Increase tax on. light Bulb with old Technology by 20%.

Tax on the fertilizer increases

Tax on Property increases by 1 % 

Income tax slab 2023-24