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How much Income Tax will you Pay after budget 2022-23? Use Income Tax Calculator to find out

Last updated on July 8, 2022

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بجٹ 2022-23 کے بعد آپ کتنا انکم ٹیکس ادا کریں گے؟ معلوم کرنے کے لیے انکم ٹیکس کیلکولیٹر کا استعمال کریں۔

In the budget for the fiscal year 2022-23, the government has exempted those earning up to Rs100,000 per month from paying income tax — increasing the limit from the earlier Rs50,000 per month.

How does the Calculator work?

You have to enter the following values only to get the results:

  1. Basic Pay Scale Number (BPS-01 to BPS-22)
  2. Monthly Gross Salary
  3. Whether you are getting House Rent Allowance or Not? Only Yes or No

Results of the Calculator

After entering the above data you will get the following results:

  1. Annual Taxable Income
  2. Annual Tax
  3. Monthly Tax

Gross Salary

Here gross salary means, total pay and allowances that mostly includes Basic Pay, Conveyance Allowance, Medical Allowance, Ardali Allowance, Adhoc Allowances, Special Allowances, Disparity reduction Allowance, or any other kind of allowance or pay.

The amount after deducting GP Fund, Advances, Group Insurance, or Benevolent Fund is not called Gross Salary. It is called net salary.

House Rent Allowance Difference

انکم ٹیکس کیلکولیٹر میں ہائوس رینٹ الائونس کا فرق پڑ سکتا ہے خصوصاً جو نہیں لے رہے۔ مختلف صوبوں میں ہائوس رینٹ کی ریشو الگ الگ ہے، وفاق میں 67 پوائنٹ 5 پرسنٹ ہے۔ یا تو اس کالم کو اوپن چھوڑ دیا جائے اور کیلکولیشن کرنے والا اپنا ہائوس رینٹ امائونٹ خود درج کرے۔ اپنے سکیل کے ریٹ کے حساب سے۔ جو آپ چاہیں۔ اس کیلکولیٹر میں ہائوس رینٹ 67 پوائنٹ 5 فی صد کیلکولیٹ ہورہا ہے

There may be some differences of calculation on the basis of House Rent Allowance. The reason for the same is that in some cities, the rates of HRA are more than in other cities.

Additionally, the government has issued a revised list of income tax slabs for salaried individuals. Earlier, there were 12 slabs, which have now been reduced to seven.

These slabs are:

  • For income below Rs600,000 per year (below Rs50,000 per month)
  • For income of Rs600,000-Rs1.2m per year (Rs50,000 to Rs100,00 per month).
  • For income between Rs1.2m-2.4m per year (Rs100,000 to Rs200,000 per month)
  • For income between Rs2.4m-3.6m per year (Rs200,000 to Rs300,000 per month)
  • For income between Rs3.6m-6m (Rs300,000 to Rs500,000 per month)
  • For income between Rs6m-12m per year (Rs500,000 to 10,00,000 per month)
  • For income more than 12m per year (more than 10,00,000 per month)

Use this calculator to calculate the tax you will be paying and find out your take-home salary.

Click here to open the Income Tax Calculator

Income Tax Calculator

Courtesy: DAWN

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