Income Tax Calculator for fiscal year 2024-25

Income Tax Calculator for fiscal year 2024-25

Income Tax Calculator for fiscal year 2024-25

Income Tax Calculator for fiscal year 2024-25

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In the federal budget for the fiscal year 2024-25, Pakistan’s federal government has increased the income tax rate for individuals earning Rs600,000 or more annually.

People earning Rs50,000 per month will be exempt from income tax, as the government has introduced various tax brackets, with rates reaching up to 45%. Specifically, individuals with a Rs50,000 monthly salary will not be subject to income tax.

Those with annual earnings between Rs600,000 and Rs1.2 million will now face a 5% income tax rate. Previously, they were paying Rs1,250, but this amount has been raised to Rs2,500.

Income Tax Calculator 2024

Income Range Tax Calculation
0 – Rs600,000No Tax
Rs600,001 – Rs1,200,000Rs15% of the amount exceeding Rs600,000
Rs1,200,001 – Rs1,600,000Rs90,000 + 20% of the amount exceeding Rs1,200,000
Rs1,600,001 – Rs3,600,000Rs170,000 + 30% of the amount exceeding Rs1,600,000
Rs3,600,001 – Rs5,600,000Rs650,000 + 40% of the amount exceeding Rs3,600,000
Rs5,600,001 and aboveRs1,610,000 + 45% of the amount exceeding Rs5,600,000

Additionally, individuals earning between Rs1.2 million and Rs2.2 million annually (or approximately Rs183,344 per month) will be taxed at 15%. Their tax liability will increase from Rs11,667 to Rs15,000.

For those earning between Rs2.2 million and Rs3.2 million per year (or about Rs267,667 monthly), the tax rate will be 25%.

Under the new proposal, individuals with annual earnings between Rs3.2 million and Rs4.1 million (or Rs341,667 per month) will face a 30% tax rate. Their tax payment will rise to Rs53,333 from the previous Rs47,468.

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