Income Tax on Salary Income 2024: The government of Pakistan proposed income tax 2024-2025 in the budget 2024-2025. Ishaq Dar presented a budget briefing. The budget for the fiscal year 2024 was mixed for the white-collar income group as the government lowered tax rates and the number of plates but removed the available provision of credit by eliminating the deductible profit-on-debt deduction and the investment tax credit in shares, health insurance companies, and pension funds.
Comparison of Income Tax on Salary Income Tax Year 2024-2025
The new coalition government made changes to the income tax collection table in its first federal budget for 2024-25.
The table below details the tax rates applicable to revised income plates in Pakistan.
Income Tax Slabs 2024-2025
|People earning less than Rs50,000 per month||No Tax|
|People earning Rs50,000 to Rs100,000 per month –||2.5percent of the amount exceeding Rs600,000|
|People earning between Rs100,000 to Rs200,000 per month||Rs15,000 (per annum) plus 12.5 percent of the amount over Rs12 lac|
|People earning Rs2-3lacs per month||Rs165,000 (per annum) plus 20 percent of the amount over Rs24lac|
|People earning Rs3-5lacs per month||Rs405,000 (per annum) plus 25 percent of the amount over Rs36lac|
|People earning Rs0.5 million to Rs1 million per month||Rs1.005 million (per annum) 32.5pc of the amount|
|People earning over a million per month||Rs2.955 million (per annum) plus 35pc of the amount over Rs12 million|