Salary Tax Slab 2023-24 Pakistan
Salary Tax Slab 2023-24 Pakistan. The recent annual budget announced by the Government of Pakistan for the financial year 2023-2024. The budget was announced on 9th June 2023 by Finance Minister Ishaq Dar in the National Assembly.
Revised Tax Rates on Salary Income for the tax year 2024
In the budget changes in tax on salary were not proposed but as per the Finance Act 2023 passed and issued vide office memorandum dated: 26th June 2023 the tax slabs of salary for the tax year 2024 have been revised.
You can check the revised salary tax rates for the tax year 2024 here:
READ HERE: DOWNLOAD ONLINE REVISED SALARY TAX RATES FOR THE TAX YEAR 2024
Above you can see the revised tax slabs/rates on salaries income class for the tax year 2024.
Salary Tax Calculator Tax Year 2023
Income tax on salary income is exempt up to Rs50,000 per month and Rs600,000 per annum. Let us see further tax slab rates that accountants, tax managers, and tax consultants may use in tax calculations on salary in tax year 2023:
- Up to Rs600,000 per annum salary there will be nil amount of tax
- A tax rate of 2.5 percent would apply to anyone earning between Rs50,000 and Rs100,000 per month. This means on any sum over of salary income Rs600,000 per year.
- The tax rate for persons having a salary between Rs. 100,000 and Rs. 200,000 per month is Rs. 15,000 per year plus 12.5% of the amount exceeding Rs. 1.2 million.
- Moreover, the tax rate for salary levels between Rs200,000 and Rs300,000 per month is Rs165,000 per year plus 20% of the amount beyond Rs2.4 million.
- The tax rate for a salary ranging between Rs300,000 and Rs500,000 per month is Rs405,000 annually + 25% of earnings beyond Rs3.6 million.
- The tax rate for a salary ranging between Rs500,000 and Rs1,000,000 per month is Rs1,005,000 annually + 32.5% of earnings beyond Rs6.0 million.
- Moreover, the tax rate for a salary above Rs1,000,000 per month or Rs12,000,000 annually is Rs2,955,000 annually + 35% of the earnings amount exceeding Rs12.0 million.
