Budget 2024-25: Income tax calculator
During budget session, new 38% higher tax target was set to Rs12.97tr aimed at securing IMF bailout
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
| 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 |
-
Wall Street future rises as ceasefire eases Middle East tensions -
Universal Music faces massive $64 billion takeover bid -
Oil prices surge as Trump’s Iran deadline looms -
Oil prices turn volatile after Trump’s fiery warning to Iran -
Cathie Wood invests millions in rising tech stock as Ark Innovation fund faces mixed returns -
Here's when poker tactics secured Microsoft’s DeepMind deal -
JBS strike ends: Why Colorado workers are returning to the plant -
Chocolate prices climb across Europe before Easter
