Salaried class to pay more Income tax: See how much tax you will have to pay now
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Finance Minister of Pakistan Senator Muhammad Aurangzeb presented the budget Wednesday in a tumultuous session of the National Assembly in which he also revealed the income tax measures for the earners.
Income tax slabs 2024
There's zero tax on those whose earnings do not surpass Rs600,000.
Where the income exceeds Rs600,000 but does not exceed Rs1,200,000 the tax rate will be 15% of the amount exceeding Rs600,000
Where taxable income surpasses Rs1,200,000 but does not breach Rs1,600,000, Rs90,000 + 20% of the amount exceeding Rs1,200,000 will be imposed.
Where taxable income goes beyond Rs1,600,000 but remains with Rs3,600,000, Rs170,000 + 30% of the amount exceeding Rs1,600,000 will be collected.
When the income exceeds Rs3,600,000 but does not go beyond Rs5,600,000, Rs650,000 + 40% of the amount exceeding Rs3,600,000 will be accumulated.
Where taxable income breaches Rs5,600,000, Rs1,610,000 + 45% of the amount exceeding Rs5,600,000 will be received by the national exchequer.