Income Tax

INCREASE IN INCOME TAX RATES FOR NON-CORPORATE TAXPAYERS The rate of income tax for tax year 2024 and onwards has been increased as under: For salaried individuals flat increase of 2.5% in the tax rates applicable on earning more than Rs 2.4 Million per annum with highest slab rate of 35% starting from Rs 6 […]

The Income Tax Ordinance 2001 (ITO) is an important piece of legislation that governs the income tax system in Pakistan. It is implemented to simplify and streamline the tax structure in Pakistan. The ITO provides a framework for the assessment, collection, and administration of income tax in Pakistan. It is highly important to understand the