Budget offers tax break to salaried class, businesses (opens original article in a new tab)

The government introduced tax and tariff reforms, offering relief to higher-income salaried individuals and businesses by reducing income tax rates, abolishing super tax for high incomes, cutting customs duties, and extending sales tax exemptions to various sectors.

• Income tax rates reduced for salaried individuals earning between Rs2.2m and Rs7m annually
• Super tax abolished for incomes up to Rs500m; advance taxes on property transactions and foreign card payments reduced
• Customs duties cut on 92 tariff lines; sales tax relief extended to sectors including EVs, shipping, refineries and magazines