Salary tax calculator for tax year 2020.
Global Tax Consultants always try at every platform to provide the latest amendments in tax laws. As well as tax news, tax updates and also educate the people about the tax laws of pakistan.
we developed a salary tax calculator in our Global Tax Consultants website. It will definitely assist you to calculate the monthly and yearly tax on salary for the tax year 2020 (from July 2019 to June 2020 ).
we always update this salary tax calculator every year according to the current salary tax rates. It enables every Pakistani to understand the taxation on their salaries deducted by there employers. They also aware about any difference in deduction of tax by there employers.
You can also try to check tax on your salary by clicking the below link.
SALARY TAX CALCULATOR TAX YEAR 2020
Currently, Tax in salary increased by the government. Exemption limit this time on salary income is up to Rs 600,000 (Rupees Six Lac) per annum. No tax will apply if annual taxable income from salary does not increase from Rs 600,000. Previously this exemption limit was up to Rs 400,000. Exemption limit increased by the government but tax rates increased massively.
What is Negative Taxation
Now it is need of the hour in this critical situation of the whole world that government of every country should start applying ‘negative taxation’ in there countries. This term used many times for a taxation system where underprivileged given salary up to the exemption limit from the collection of taxes from wealthy citizens.
CoronaVirus pandemic created such a situation where salaried class is facing unemployment. In this situation, negative taxation if implemented may reduce the gap of unequal distribution of wealth.
World should now realise that people demand tax relief on normal citizens. But proper taxation and then collection from wealthy aspects of society.
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