LAHORE– The government is gearing up to prepare next budget as people’s friendly, in order to create goodwill before the 2018 elections.
According to Dunya News report, the government is thinking over extending the annual threshold limit by Rs 100,000 for income tax purposes which clearly means that the individuals earning less than Rs 500,000 annually will not be liable to pay income tax.
It is pertinent to mention that under the current income tax rules, an individual having annual income less than Rs 400,000 are not liable to pay income tax.
In addition, the government is also planning to give some relaxation in withholding taxes to all the consumers of gas and electricity who are using less than 200 units monthly.
Experts are of the opinion that the traditional tactics of giving relief to the masses is a strategy to claim success in the next elections.