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Sunday July 21, 2024

Budget 2024-25: Income tax calculator

During budget session, new 38% higher tax target was set to Rs12.97tr aimed at securing IMF bailout

By Web Desk
June 12, 2024
A representational image shows a tax written on a calculator. — AFP/File
A representational image shows a tax written on a calculator. — AFP/File

Finance Minister Senator Muhammad Aurangzeb on Wednesday presented Budget 2024-25 loaded with new tax measures for the salaried and non-salaried class people with a total tax collection target of a whopping Rs12.97 trillion. 

The opposition lawmakers in the National Assembly chanted anti-government slogans and tore up copies of the finance bill as the former banker began addressing the session.

In the session, a new 38% higher tax target was set to Rs12.97 trillion aimed at securing a crucial bailout package from the International Monetary Fund (IMF).

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

Income tax slabs 2024

NoTaxable incomeRate of tax
1Where taxable income does not exceed Rs600,000
0%
2Where taxable income exceeds Rs600,000 but does not exceed Rs1,200,000
5% of the amount exceeding Rs600,000
3Where taxable income exceeds Rs1,200,000 but does not exceed Rs2,200,000  
Rs30,000+15% of the amount exceeding Rs1,200,000
4Where taxable income exceeds Rs2,200,000 but does not exceed Rs3,200,000
Rs180,000+25% of the amount exceeding Rs2,200,000
5Where taxable income exceeds Rs3,200,000 but does not exceed Rs4,100,000
Rs430,000+30% of the amount exceeding Rs3,200,000
6Where taxable income exceeds Rs4,100,0000
Rs700,000+35% of the amount exceeding Rs4,100,000