How much tax will be deducted from your salary? M Haris
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
| No | Taxable income | Rate of tax |
| 1 | Where taxable income does not exceed Rs600,000 | 0% |
| 2 | Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000 | 5% of the amount exceeding Rs600,000 |
| 3 | Where taxable income exceeds Rs1,200,000 but does not exceed Rs2,200,000 | Rs30,000+15% of the amount exceeding Rs1,200,000 |
| 4 | Where taxable income exceeds Rs2,200,000 but does not exceed Rs3,200,000 | Rs180,000+25% of the amount exceeding Rs2,200,000 |
| 5 | Where taxable income exceeds Rs3,200,000 but does not exceed Rs4,100,000 | Rs430,000+30% of the amount exceeding Rs3,200,000 |
| 6 | Where taxable income exceeds Rs4,100,0000 | Rs700,000+35% of the amount exceeding Rs4,100,000 |
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