12/06/2024
Key Budget Proposals
INCOME TAX
1) Salaried Taxpayers
a. Income Tax Exemption to be maintained at Rs. 600,000 per annum
b. Slabs being revised
2) Exporters to be taxed under normal tax @ 29% (as against fixed tax @ 1%)
3) Capital Gain on Real Estate & Securities @ 15% for filer and 45% for non-filer
4) Withholding Income Tax on transfer of Immoveable property (separate tax rates for timely filer of return, delayed filer and non-filer)
5) Advance Income Tax to be collected from Non-filer Distributor, Wholesaler, Dealer and Retailer to be increased from 1% to 2.25%
6) Income Tax on registration of Motor Vehicles to be shifted from Engine Capacity to Value
SALES TAX
7) Sales tax on Textile and leather to be increased from reduced rate 15% to standard 18%
8) Standard 18% Sales Tax rate on Mobile phones
9) Sales Tax withholding regime for Bronze, Coal and Plastic scrap
10) Sales Tax exemption on Iron and Steel scrap
11) End of exemption for FATA / PATA newly merged districts
12) Default Surcharge rate to be changed from 12% to KIBOR+3%
13) Sales Tax to be charged at time of supply or the time when any payment is received by the supplier in respect of that supply, whichever is earlier
14) Best Judgment Assessment concept introduced in Sales Tax
15) Electronic sales invoicing to be made mandatory by all