Explore Pakistan’s Income Tax Calculator 2024-25. Updated rates & slabs for fair taxation. Calculate your tax liability accurately today!
In the recently announced federal budget for the fiscal year 2024-25, Pakistan has introduced significant changes to its income tax structure. These changes aim to streamline tax obligations while ensuring a fair contribution from different income brackets. Here’s a detailed look at the new income tax slabs and rates applicable under the updated regime
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Key Highlights of the Income Tax Changes in Pakistan Budget 2024-25
The most notable change is the increase in tax rates for individuals earning above Rs600,000 annually. Here’s how the income tax now applies:
Income Tax Calculator 2024-25 Pakistan
| Income Range (per year) | Tax Calculation |
|---|---|
| Up to Rs600,000 | No Tax |
| Rs600,001 – Rs1,200,000 | 15% of the amount exceeding Rs600,000 |
| Rs1,200,001 – Rs1,600,000 | Rs90,000 + 20% of the amount exceeding Rs1,200,000 |
| Rs1,600,001 – Rs3,600,000 | Rs170,000 + 30% of the amount exceeding Rs1,600,000 |
| Rs3,600,001 – Rs5,600,000 | Rs650,000 + 40% of the amount exceeding Rs3,600,000 |
| Above Rs5,600,000 | Rs1,610,000 + 45% of the amount exceeding Rs5,600,000 |
Additional Slabs Introduced for Tax Year 2024-25
In addition to the revised basic slabs, specific income brackets have been targeted with new tax rates:
- Rs1,200,001 – Rs2,200,000 (Rs100,001 – Rs183,333 per month): Taxed at 15%, with the tax amount increased to Rs15,000 from the previous Rs11,667.
- Rs2,200,001 – Rs3,200,000 (Rs183,334 – Rs267,667 per month): Subject to a 25% tax rate.
- Rs3,200,001 – Rs4,100,000 (Rs267,668 – Rs341,667 per month): Taxed at 30%, amounting to Rs53,333 instead of the previous Rs47,468.
Impact and Implications
These changes are expected to affect individuals differently based on their income levels. Lower-income earners, with an annual income of up to Rs600,000, will benefit from tax exemption, while higher-income individuals will experience an increase in their tax liabilities due to higher rates applied to upper income brackets.
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