Salary Tax Calculator 2024 In Pakistan – Slabs of Income Tax

Revenue Department revised tax slabs for the financial year 2024-25. For information and tips on calculating your income tax after tax slabs changed. Understand the new tax rates so you can plan your finances and pay the right amount.

Tax Calculator In Pakistan 2024-2025

New rates will only affect taxable income (like interest on savings accounts) will not be affected. Salary individuals with taxable income of less than Rs5 lakh will see their taxable income reduced by Rs10,000/- (from Rs5 lakh to Rs 4.9 lakh). Consequently, you will have a lower tax liability as a result. 

Constable Salary In Punjab Police 2024

Tax Rates For Salaried Individuals 2024-25

Salaried persons earning between Rs. 600,000 and Rs. 1.2 million will now be taxed at 2.5 percent. According to the new tax structure, the previous fixed rate of Rs. 100/- is being reintroduced. Salaried individuals will likely see a significant impact on take-home pay.

People who are already struggling financially may face some financial hardship. Rental income and interest from investments will also be affected by the new rates. According to the government, the move will raise more revenue for development programs. Despite this, many experts have criticized the plan as burdening the middle class further.

Salary Tax Calculator 2024 Pakistan

The new tax rates will be introduced from the 1st January 2024 and will go into effect immediately. For a breakdown of the new income tax slab rates, follow these steps:

As a first step, you should determine which tax bracket you fall within. To calculate your taxable income, multiply it by the applicable tax rate. Suppose you have taxable income of Rs 500,000/- and you fall within the 12.5% tax bracket.

It will be this figure that you will use to determine your final income tax liability. Salary individuals, businessmen, and professionals will be affected by the new income tax slab rates. Farmers will not be taxed on agricultural income under the new rates.