The proposed New Revised Income Tax Slabs for Salaried Persons. Earlier it was announced that there would be no tax upto the annual salary of 1200000/- 12 lacs but now it has been decided to start tax from 4 lacs per annum income.
Through Finance Bill 2018, the rates of tax applicable on every individual and AOPs have been reduced significantly to income
tax (Amendment) Ordinance, 2018 for the tax year 2019, As per the amended Ordinance, no tax was required to be paid by individuals deriving annual income up to Rs.1,200,000, The Finance Bill 2018 proposed that individuals deriving income from Rs.400,000 to Rs.1,200,000 instead of enjoying zero tax, should pay nominal tax of Rs.1000, for individuals in income brackets from Rs.400,000 to and Rs.800,000, and Rs.2,000 for individuals in income brackets ranging from Rs. 800,001 to Rs. 1,200,000.
The rates of tax chargeable for individuals and AOPs for the tax year 2019 (corresponding to the income year ending at any time between 01 July 2018 to 30 June 2019) is proposed to be substituted as under.