The updated income tax slabs for the salaried class under the federal budget 2024-25 announced that a higher rate of income tax would now be applicable from July 1, 2024, where annual taxable income exceeds Rs. 600,000, high-level sources informed media.
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For individuals earning up to Rs. 600,000, there is no change as this bracket remains tax-free. This exemption ensures that the lower-income segment is not burdened with additional taxes.
Also read: Budget 2024-25: Pakistan Plans to Raise Import Taxes on Mobile Phones
For incomes ranging from Rs. 1,200,000 to Rs. 2,200,000, the tax rate has been raised to 15 percent. This increase results in a monthly tax of Rs. 15,000, which is a 28.5 percent hike from the previous amount of Rs. 11,667.
For individuals with earnings ranging from Rs. 2,200,000 to Rs. 3,200,000, the tax rate has been established at 25 percent. The updated monthly tax amount for this bracket is Rs. 35,834, up from the previous Rs. 28,750, representing a 24.64 percent rise. 4o
Individuals earning between Rs. 3,200,000 and Rs. 4,100,000 will now face an income tax rate of 30 percent or Rs. 58,333, an increase from last year’s Rs. 47,408.
For a yearly income of Rs. 4,100,000 and above, the tax rate is the highest at 35 percent.
