📌 FBR Income Tax Card 2023 – Complete Guide (With Punjab Agriculture Tax Rates)
The Federal Board of Revenue (FBR) issues updated Income Tax Rates every year for individuals, AOPs, companies, salaried/non-salaried persons, and withholding sections. This post provides the complete Income Tax Card 2023 along with Agriculture Income Tax Rates for Punjab.
📘 1. Salary Income Tax Rates – Tax Year 2023
If salary is more than 75% of taxable income:
| Taxable Income (PKR) | Tax Rate |
|---|---|
| Up to 600,000 | 0% |
| 600,001 – 1,200,000 | 2.5% of amount above 600,000 |
| 1,200,001 – 2,400,000 | 15,000 + 12.5% of amount above 1,200,000 |
| 2,400,001 – 3,600,000 | 165,000 + 20% of amount above 2,400,000 |
| 3,600,001 – 6,000,000 | 405,000 + 25% of amount above 3,600,000 |
| 6,000,001 – 12,000,000 | 1,005,000 + 32.5% of amount above 6,000,000 |
| Above 12,000,000 | 2,955,000 + 35% of amount above 12,000,000 |
📘 2. Individual (Non-Salaried) & AOP Income Tax Rates
| Taxable Income (PKR) | Tax Rate |
|---|---|
| 0 – 600,000 | 0% |
| 600,001 – 800,000 | 5% of amount above 600,000 |
| 800,001 – 1,200,000 | 10,000 + 12.5% of amount above 800,000 |
| 1,200,001 – 2,400,000 | 60,000 + 17.5% above 1,200,000 |
| 2,400,001 – 3,000,000 | 270,000 + 22.5% above 2,400,000 |
| 3,000,001 – 4,000,000 | 405,000 + 27.5% above 3,000,000 |
| 4,000,001 – 6,000,000 | 680,000 + 32.5% above 4,000,000 |
| Above 6,000,000 | 1,330,000 + 35% above 6,000,000 |
📘 3. Company Tax Rates (TY 2023)
| Type of Company | Rate |
|---|---|
| Small Company | 20% |
| Any Other Company | 29% |
| Banking Company | 39% |
📘 4. Capital Gain Tax on Securities – Section 37A
| Holding Period | Rate |
|---|---|
| < 1 year | 15% |
| 1–2 years | 12.5% |
| 2–3 years | 10% |
| 3–4 years | 7.5% |
| 4–5 years | 5% |
| 5–6 years | 2.5% |
| > 6 years | 0% |
If securities acquired before 30-06-2022 → 12.5% flat
📘 5. Capital Gain on Property – Section 37(1A)
| Property Type | <1 yr | 1–2 yrs | 2–3 yrs | 3–4 yrs | 4–5 yrs | 5–6 yrs | >6 yrs |
|---|---|---|---|---|---|---|---|
| Open Plot | 15% | 12.5% | 10% | 7.5% | 5% | 2.5% | 0% |
| Constructed Property | 15% | 10% | 7.5% | 5% | 0% | – | – |
| Flat | 15% | 7.5% | 0% | – | – | – | – |
📘 6. Major Withholding Tax Sections (Important)
Section 149 – Salary
As per slab rates above.
Section 148 – Imports
-
Part I: 1%
-
Commercial Importer: 3.5%
-
Others: 2%
-
Pharma Finished Goods: 4%
Section 153 – Goods, Services & Contracts
-
Sale of goods (Company): 4%
-
Sale of goods (Non-company): 4.5%
-
Services (Company): 8%
-
Services (Non-company): 10%
-
Contracts (Company): 6.5%
-
Contracts (Non-company): 7%
Section 236C – Sale of Property
-
Seller: 2%
Section 236K – Purchase of Property
-
Buyer: 2% of FBR value
-
Non-filer: higher rate applies
✅ Punjab Agriculture Income Tax Rates (Latest)
Agriculture Income Tax in Punjab is collected under the Punjab Agricultural Income Tax Act. Farmers pay tax either on:
A) Land-Based Tax (per Acre)
| Land Category | Tax per Acre |
|---|---|
| Irrigated Land | Rs. 300 per acre |
| Un-irrigated Land (Barani) | Rs. 100 per acre |
| Orchard | Rs. 400 per acre |
B) Income-Based Tax (if farmer chooses income basis)
| Annual Agriculture Income | Tax Rate |
|---|---|
| Up to Rs. 400,000 1000 | 0% |
| 400,001 – 1,200,000 3000 | 5% |
| 1,200,001 – 2,000,000 | 10% |
| Above 2,000,000 | 15% |
Who Must File Agriculture Income Tax Return?
✔ Owners of agricultural land in Punjab
✔ Tenants/share-croppers earning agricultural income
✔ Persons declaring agricultural income in FBR return
