LAHORE: Decision has been taken to increase annual taxable income limit from Rs 4, 00,000 to Rs 5, 00,000 in respect of salaried class in the upcoming budget of 2017-18.
Sources said that this decision for enhancing taxable income limit has been taken due to devaluation of rupee .
According to FBR sources concession is being given to salaried class in the upcoming budget of year 2017-2018 under which annual income upto the limit of Rs 500000 instead of Rs 400000 will stand exempted from tax.
Under this new formula, income tax will not be recovered from employees having Rs 41,666 monthly salary .
Salaried class said that taxable income limit should be fixed at least on Rs 10, 00,000 annually because their standard of living is already very low in the country.