FBR’s Income Tax Slabs for Tax Year 2018-2019
What are FBR Income Tax Slabs?
It is a hectic task to run a government with limited sources and tax collection helps with that. Government across the globe impose income taxes to the individual, an association of persons, or company.
As a responsible citizen, it is necessary for all of us to file income tax return every single year. The Federal Board of Revenue (FBR) imposes taxes as per the income of an individual or company. Here, we are going to discuss the income tax slabs for salaries persons.
They set income ranges (slabs) for individuals so that they could know how much tax a they have to pay. If you check the income tax rates from the Federal Board of Revenue (FBR) for the tax year 2018-2019, you will check different slabs that we are going to discuss here.
Why Do We Need Income Tax Slabs?
There are many reasons these income tax slabs are important for salaried persons. They tell people what amount they have to pay in tax for the year. For example, if your salary is between Rs.400,000 to Rs.800,000, you have to pay Rs.1000 income tax for this year.
What Income Tax Slab Applies to You?
It is a frequently asked question. It is simple to locate your slab; all you need is to calculate your annual income because these slabs represent annual incomes. Let’s discuss how much income tax you have to pay.
Income Tax Slabs for 2018-2019l
So, time to check the slabs for the year. According to Income Tax Ordinance 2001 and Income Tax Rules, the income tax slabs for the tax year 2018-2019 have been mentioned in the table below:
|Sr.||Slabs (Rs.)||Tax Rate|
|1||Less than 400,000||0%|
|2||400,000 – 800,000||Rs.1,000|
|3||800,000 – 1,200,000||Rs.2,000|
|4||1,200,000 – 2,400,000||Rs.2,000 or 5% of the amount exceeding Rs.1,400,000, whichever is higher|
|5||2,400,000 – 4,800,000||Rs.60,000 plus 10% of the amount exceeding Rs.2,400,000|
|6||Above 4,800,000||Rs.300,000 plus 10% of the amount exceeding Rs.4,800,000|