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Business & Finance

Budget 2024-25: income tax calculator for FY25

  • Fear has come to life as govt proposes revised composition of tax slabs for salaried persons in FY25. Business Recorder helps you calculate what you can expect on the 1st of each month in the coming fiscal year
Published June 12, 2024 Updated July 1, 2024

Income tax calculator for FY 2024-25


In the Finance Act 2024, the government added the following amendment:

“Subject to this Ordinance, a surcharge shall be payable by every individual and association of persons at the rate of ten percent of the income tax imposed under Division I of Part I of the First Schedule where the taxable income exceeds rupees ten million”

Net effect: If monthly salary exceeds Rs833,333, a surcharge of 10% of the income tax needs to be added to monthly tax amount.

For example, for a salaried individual earning Rs900,000 per month (Rs10,800,000 annually), the annual tax liability is Rs3,045,000. However, a 10% surcharge means the individual will pay another Rs304,500 during the year. Effectively, the monthly salary after tax comes down to Rs620,875 instead of Rs646,250.

Also read:

Comments

200 characters
Fida Awan Jun 13, 2024 06:02am
You also target those who already paid tax. This Also increases monopoly in the Masses
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khalid Jun 13, 2024 09:58am
very high rates of income tax. salary persons crushed through income tax.
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Unknown Jun 13, 2024 11:23am
Kamal ho gya..... Shukiya Pakistan
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dawood Jun 13, 2024 12:12pm
one
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Ameer Jun 13, 2024 01:21pm
what are additional benefits for salaried taxpayers?
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Mudassir Jun 13, 2024 02:38pm
Pakistan say Zinda baag
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Ahmad Ali Jun 13, 2024 02:44pm
The calculator is great but the font family is not very friendly for eyes, i would suggest to change that to something simple as open sans, Robot or open sans etc
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Hamna Jun 13, 2024 02:57pm
@Ameer, new and improved potholes, elevated street crime, improved lies from the government.
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MAJA Jun 13, 2024 03:14pm
@Ameer, nothing
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zubair Jun 13, 2024 03:53pm
Always Targeted Salaried Person
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Ahmad Nadeem Jun 13, 2024 03:56pm
What the heck!!! are you kidding me?
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Imtiaz Ahmad Jun 13, 2024 04:28pm
No more pad the income tex due to high pad grossery other expence. Have a old age benifit priveate person.
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KJ Jun 13, 2024 04:32pm
The rate of tax is too high. Once again PDM government has insured that people from middle class should get oppressed since majority has sympathy with KAPTAN.
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farhan Jun 13, 2024 04:54pm
@Ameer, hahahahahahahahaha zlalat
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Mehran Jun 13, 2024 05:11pm
So there is no rule of law. no one speak about their rights in pakistan.. every person is dumb.
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UMER DRAZ HASHMI Jun 13, 2024 05:38pm
very high rates of income tax. salary persons crushed through income tax.
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UMER DRAZ HASHMI Jun 13, 2024 05:38pm
very high rates of income tax. salary persons crushed through income tax.
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UMER DRAZ HASHMI Jun 13, 2024 05:39pm
very high rates of income tax. salary persons crushed through income tax.
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Shahid Jun 13, 2024 06:07pm
That's unfair, instead of bring non payer into tax net they are focusing existing group only. Easy target
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Waqar Khan Jun 13, 2024 07:11pm
15000 income tax, 30000 Electricity Bill, 5000 Gas + Water Bill, 5000 GST approx. Every salaried person pays around 50k tax monthly, and we still depend on the IMF.
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Pakistan First Jun 13, 2024 07:22pm
Taxes on the salaried class will double soon. Start your business to avoid taxes and form a union to pressure the govt. Consider moving abroad, as Pakistan is becoming unfavorable for honest citizens.
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Shazia Jun 13, 2024 08:30pm
Jis ki salary 5,00,000 monthly se zyada hou, uspe tax lagna chahiye. baqi is se kum salary walay tou baycharay gareeb log hee hain.
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Shazia Jun 13, 2024 08:32pm
agar salary person ki full salary ko tax may hee kaat lia jae, aur sirf a kilo chawal, aata wagera de dia jae tou kesa hai.
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riaz Jun 13, 2024 08:38pm
More corruption more taxes more properties out of state Just Bcz bhutto Zinda hai or Khata bi hai to lagata bhi hai.
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Abdul wahab unar Jun 13, 2024 08:46pm
It is good for calculation tax
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Abdul wahab unar Jun 13, 2024 08:46pm
Good for tax calculation
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Kalim Jun 13, 2024 09:07pm
Please send me salary calculator link
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Abdul Quddoos Jun 14, 2024 09:14am
very high rates of income tax. salary persons crushed through income tax. welcome to Pakistan
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zUBAIR Jun 14, 2024 10:39am
VERY EASY FOR OUR GOVT TO IMPLEMENT HIGH TAXEES TO SALARY CLASS. WE SHOULD BE TAKE STAND FOR PROTEST BUT UNFOURTENLY NO ANY PLATFROM WE HAVE TO RECORD OUR PROTEST.
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hajan ansari Jun 14, 2024 01:16pm
Best work sir
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Pardeep Kumar Jun 14, 2024 01:20pm
Cant not Accept that huge tax deduction. Provided Relief to us.
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Afzalbashir Jun 14, 2024 03:30pm
This No tension Tex
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Junaid Tahir Jun 14, 2024 03:41pm
very high rates of income tax. salary persons crushed through income tax.
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Imran Ali Jun 14, 2024 04:05pm
@zubair,100%
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badar din Jun 14, 2024 09:17pm
Ye buget kush samajh nahe aya he
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Mk Jun 15, 2024 10:35am
@Mudassir, right
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Ab Gishkori Jun 15, 2024 01:59pm
@Ameer, you are allowed to survive
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Nabeel Jun 16, 2024 11:44am
This is another act of robbery. This state is not suitable to live in.
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Usama Jun 17, 2024 04:08pm
@Shazia, good one
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Sher Alam Jun 19, 2024 06:50am
Easy access appl require to be launched for becoming a filer
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Sohail Jun 19, 2024 11:05am
@Fida Awan, salary persons is soft target for government other then Dr, advocate Etc..
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Sohail Jun 19, 2024 11:06am
Salary persons is soft target
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Syed Salman Ali Jun 19, 2024 01:08pm
@KJ, These income tax rates from PTI government,you can check your tax of 2017 and in 2018 and onward you will be surprised and all your sympathy will die for Stupid captain
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Ahmad Jun 19, 2024 04:55pm
@Pakistan First, taxes on business individual are higher than salaried person. For salaried person @35% and for business person @45%
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FarooQue SuBhaN Jun 19, 2024 07:38pm
Good way
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FarooQue SuBhaN Jun 19, 2024 07:38pm
Good way
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FarooQue SuBhaN Jun 19, 2024 07:39pm
How can I get pifra salary monthly slip
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FarooQue SuBhaN Jun 19, 2024 07:39pm
what are additional benefits for salaried taxpayers?
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Fahim Jun 20, 2024 11:22am
The salaried class is an easy target. The government should collect tax from those sectors that tax contribution is zero or at very low rate.
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Naseer Ahmad Chaudhary Jun 20, 2024 03:21pm
Thanks Without increase in salary, yearly tax increased from Rs. 177,272/- to Rs. 243,635/-
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Abdul Samad Jun 20, 2024 04:31pm
No one will declare full salary offical
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shiraz Jun 20, 2024 07:11pm
why not cut down budgets expenses instead over burdonized salaried persons, even they wont get benefit of their own money
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JA Jun 21, 2024 12:21pm
My monthly salary is 500,000 pkr. Income tax seems unfair. I am actively looking to relocate to Dubai or Abu Dhabi.
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Amir Jun 21, 2024 07:35pm
Unfair action, Should do protest against it. Otherwise they will eat us, they think we are just like insects. Time to show the power of Professionals. We are paying for their corruption and luxury.
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Lahsan Jun 24, 2024 05:15pm
@Ameer, sans lene de rahe hain kafi nahin
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Tabish Zia Jun 25, 2024 10:14am
Its highly massacre of the salaried class, they didn't want to reduce their own noble expenses and force the salaried class to pay their bills
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Umar Jun 26, 2024 05:34pm
Huge taxes imposed on the middle class that is salaried persons, they struggle and spend 14 to 16 hours even do double shifts to get more remuneration but the GOvt have shown their foolish policies
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habib Jun 27, 2024 10:20am
mercenaries and leeches se zinda bhaag
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DR.D.H.RATHI Jun 28, 2024 05:19pm
Has new income taxes rates proposed in Budget 2024-25 are withdrawn/ revised or not ?
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اشفاق احمد Jun 28, 2024 08:52pm
ابتدائے عشق ہے روتا ہے کیا آگے آگے دیکھیئے ہوتا ہے کیا
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Sohail Khan Jul 01, 2024 11:19am
We deserve this.
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Hamza Jul 02, 2024 02:49pm
@Shazia, kia bat ha
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ranasabat Jul 03, 2024 10:18pm
This calculator is showing wrong calculations
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Luxy Jul 04, 2024 10:37am
@ranasabat, kaisayyy
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ALI ANWAR Jul 04, 2024 02:57pm
DEAR SIR, KINDLY PROVIDE ME NEW COMPLETE DEDUCTION OF SALARY AND SUPPLY INCOME TAX SCHEDULE. REGARD ALI ANWAR
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Khalid ujjan Jul 05, 2024 03:40am
I have salrey befor june 251000
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Anonymouse Jul 06, 2024 01:28pm
@Fida Awan, they are the enemies of Pakistani peoples
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sarfraz ahmad Abbasi Jul 11, 2024 12:51pm
very high rates of income tax. salary persons crushed through income tax.
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Talha Jul 12, 2024 10:38am
Shame on PDM for depriving us of our hard earned earning. Corporate sector is depressed and now you are coming up with such unjustifiable methods of taxing the already burdened salaried class,
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Abdullah Khan Jul 12, 2024 12:28pm
No Tax on landlords as always all burden on Salaried class and business personals.
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