Tax Calculator for Salaried Income after Budget 2024-25

09:32 AM | 13 Jun, 2024
Tax Calculator for Salaried Income after Budget 2024-25

ISLAMABAD – The federal government on Wednesday presented its maiden budget for the next fiscal year, with several tax adjustments in income tax slabs, burdening masses amid back breaking inflation.

PML-N government increased income tax rate for individuals earning Rs600,000 or more annually.

Those who are getting salary of Rs50,000 per month will be exempt from income tax. The government has introduced various tax slabs, with rates reaching up to 45%. Specifically, those earning Rs50,000 per month will not be subject to income tax.

Income Tax Calculator 2024-25

Income Range Tax Calculation
0 – Rs600,000 No Tax
Rs600,001 – Rs1,200,000 15% of the amount exceeding Rs600,000
Rs1,200,001 – Rs1,600,000 Rs90,000 + 20% of the amount exceeding Rs1,200,000
Rs1,600,001 – Rs3,600,000 Rs170,000 + 30% of the amount exceeding Rs1,600,000
Rs3,600,001 – Rs5,600,000 Rs650,000 + 40% of the amount exceeding Rs3,600,000
Rs5,600,001 and above Rs1,610,000 + 45% of the amount exceeding Rs5,600,000

Those earning between Rs600,000 and Rs1.2 million annually, the income tax rate has been increased to 5%. Previously, this group paid Rs1,250, but the new rate will require them to pay Rs2,500.

Additionally, a 15% tax will be imposed on individuals earning between Rs1.2 million and Rs2.2 million per year (or Rs183,344 per month), raising their tax from Rs11,667 to Rs15,000.

For those earning between Rs2.2 million and Rs3.2 million annually (or Rs267,667 monthly), the tax rate will be 25%.

Under the new proposal, individuals earning between Rs3.2 million and Rs4.1 million per year (or Rs341,667 per month) will face a 30% tax rate, increasing their payment to Rs53,333 from the previous Rs47,468.

Daily Pakistan Global Web Desk


US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65


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