Understand Salary Tax Slabs 2024 in Pakistan

Understand Salary Tax Slabs 2024 in Pakistan

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The Federal Board of Revenue (FBR) has announced the new salary tax slabs for the tax year 2024, effective from July 1, 2023, to June 30, 2024. This article provides a detailed explanation of these tax slabs and how they impact your taxable income.

Salary Tax Slabs for Tax Year 2024

Here's a breakdown of the salary tax slabs for the tax year 2024:

Annual Salary (Rupees) Tax Rate (2024)

Upto 600,000 0%

600,001 - 1,200,000 2.5% of the amount exceeding Rs. 600,000

1,200,001 - 2,400,000 Rs. 15,000 + 12.5% of the amount check here exceeding Rs. 1,200,000

2,400,001 - 3,600,000 Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000

3,600,001 - 6,000,000 Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000

Above 6,000,000 Rs. 1,095,000 + 35% of the amount exceeding Rs. 6,000,000

How to Calculate Your Tax Liability?

To calculate your tax liability, you can use the following steps:

Determine Your Gross Annual Salary: This includes your basic salary, allowances, bonuses, and other income.

Identify the Applicable Tax Slab: Based on your gross annual salary, determine the relevant tax slab from the table above.

Calculate Taxable Income: Subtract any tax exemptions and deductions from your gross annual salary.

Apply the Tax Rate: Apply the corresponding tax rate to your taxable income.

Calculate Tax Liability: Multiply the taxable income by the tax rate to determine your total tax liability.

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