Saturday, May 18, 2024
HomeLatest NewsComparison of Income Tax on Salary income 2024-2025

Comparison of Income Tax on Salary income 2024-2025

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
RELATED ARTICLES

Most Popular

Recent Comments