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Income Tax Ordinance, 2001
First Schedule First Schedule
THE FIRST SCHEDULEPART IRATES OF TAX(See Chapter II)Division IRates of Tax for Individuals and Association of Persons(1) Subject to clause (2), the rates of tax imposed on income of every individual and association of persons except a salaried individual shall be as set out in the following Table, namely:1[TABLES. No.Taxable IncomeRate of Tax(1)(2)(3)1.Where taxable income does not exceed Rs.600,0000%2.Where taxable income exceeds Rs. 600,000 butdoes not exceed Rs. 1,200,00015% of the amount exceeding Rs.600,0003.Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,600,000Rs. 90,000 + 20% of the amountexceeding Rs. 1,200,0004.Where taxable income exceeds Rs. 1,600,000but does not exceed Rs. 3,200,000Rs. 170,000 + 30% of the amountexceeding Rs. 1,600,0005.Where taxable income exceeds Rs. 3,200,000but does not exceed Rs. 5,600,000Rs. 650,000 plus 40% of the amountexceeding Rs. 3,200,0006.Where taxable income exceeds Rs. 5,600,000Rs. 1,610,000 plus 45% of the amountexceeding Rs. 5,600,000Provided that in the case of an association of persons that is a professional firm prohibited from incorporating by any law or the rules of the body regulating their profession, the 45% rate of tax mentioned against serial number 6 of the Table shall be 40%.](2) Where the income of an individual chargeable under the head “salary†exceeds seventy-five per cent of his taxable income, the rates of tax to be applied shall be as set out in the following Table, namely:-2[TABLES. No.Taxable IncomeRate of Tax(1)(2)(3)1.Where taxable income does not exceed Rs.600,0000%2.Where taxable income exceeds Rs. 600,000 butdoes not exceed Rs. 1,200,0005% of the amount exceeding Rs.600,0003.Where taxable income exceeds Rs. 1,200,000but does not exceed Rs. 2,200,000Rs. 30,000 plus 15% of the amountexceeding Rs. 1,200,0004.Where taxable income exceeds Rs. 2,200,000but does not exceed Rs. 3,200,000Rs. 180,000 plus 25% of the amountexceeding Rs. 2,200,0005.Where taxable income exceeds Rs. 3,200,000but does not exceed Rs. 4,100,000Rs. 430,000 plus 30% of the amountexceeding Rs. 3,200,0006.Where taxable income exceeds Rs. 4,100,000Rs. 700,000 plus 35% of the amount exceeding Rs.…
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