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ISLAMABAD – The federal government on Tuesday unveiled its first budget for the next fiscal year, with several tax adjustments in income tax slabs for individuals and association of persons.

In his budget speech, Minister of State for Revenue Hammad Azhar proposed that the threshold of taxable income may be revised and fixed at Rs 600,000 (Rs 0.6 million) for salaried persons and Rs 400,000 (Rs 0.4 million) for non-salaried persons.

In the case of salaried individuals deriving income exceeding Rs0.6 million per annum, it is proposed to introduce eleven taxable slabs with progressive tax rates ranging from 5% to 35%.

For non-salaried persons deriving income exceeding Rs0.4 million, it is proposed to introduce eight taxable slabs of income with tax rates ranging from 5% to 35%.