Income tax calculator 2024-25: How much tax will be deducted from your salary?

June 12, 2024

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.  

The session witnessed slogans and chantings from the opposition with the tearing of bill copies as the 60-year-old went on to present the budget for the fiscal year 2024-2025. 

During the speech, the new tax target was set to Rs12.97 trillion, a 38% high year-on-year basis, with an aim to secure a crucial bailout package from the International Monetary Fund.

“Despite the financial and political challenges during the past one year, the government’s progress on the economic front has been impressive,” the first-time finance minister said in his remarks in NA.   

The treasury benches also approved the finance bill increasing taxes for high earners, including salaried and non-salaried people.

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.