Pakistan’s federal government has jacked up the income tax rate for people earning Rs600,000 or above per year in the federal budget for the fiscal year 2024-25.
People earning Rs50,000 per month will be exempted from the income tax as the government has introduced different slabs to impose up to 45% tax on people. Those who are earning Rs50,000 salary will be exempted from income tax.
Those earning between Rs6-12 lac per year will give 5 percent income tax. They were previously paying Rs1250 now it has been increased to Rs2500).
Income Tax Calculator 2024
| Income Range | Tax Calculation |
| 0 – Rs600,000 | No Tax |
| Rs600,001 – Rs1,200,000 | Rs15% of the amount exceeding Rs600,000 |
| Rs1,200,001 – Rs1,600,000 | Rs90,000 + 20% of the amount exceeding Rs1,200,000 |
| Rs1,600,001 – Rs3,600,000 | Rs170,000 + 30% of the amount exceeding Rs1,600,000 |
| Rs3,600,001 – Rs5,600,000 | Rs650,000 + 40% of the amount exceeding Rs3,600,000 |
| Rs5,600,001 and above | Rs1,610,000 + 45% of the amount exceeding Rs5,600,000 |
Furthermore, there will be 15percent tax for those earning Rs12-22 lac per year (or 183344 per month). The tax will be Rs15,000 for them from previous 11667. 25% tax those earning 22 se 32 lac per year (or 267667 monthly).
With new proposal, 30 percent tax for those earning 32 to 41 lac per year or Rs341667 per month. They will pay Rs53,333 instead of the previous Rs47,468.
