The Federal Board of Revenue (FBR) has introduced tax rates for the period from July 1, 2023, to June 30, 2024, distinguishing between individuals who file their taxes and those who do not. According to the FBR notification, there are varying tax rates for different types of transactions and income sources.
For instance, filers will be subject to a 15% tax on prize bonds, while non-filers will face a higher rate of 30%. On savings account profits, the income tax rate for filers has increased to 15%, compared to the previous rate of 10% in the current fiscal year. Non-filers will be subject to a higher tax rate of 30% in this category. In the case of rent income, filers will face a tax rate ranging from 5% to 15%, whereas non-filers will have to pay a rate of 10% to 15%.
Similar variations can be seen in taxes on bonus shares, property auctions, motor vehicle leasing, banking transactions, international transactions, and various other categories. It is important for individuals to be aware of these tax rates and fulfill their tax obligations accordingly to avoid any legal consequences.
