In effort to provide tax relief to salaried individuals, the FBR has introduced a revised tax card for the 2024-25 tax year
OMR TO PKR and other currency rates in Pakistan – 06 September 2024In an effort to provide tax relief to salaried individuals, the Federal Board of Revenue has introduced a revised tax card for the 2024-25 tax year.
The FBR announced that individuals with annual earnings up to Rs 600,000 will be exempt from income tax, offering relief to low-income earners. For those earning above this threshold, the tax rates are as follows: a 5 percent tax will apply to incomes between Rs 600,000 and Rs 1.2 million annually. Specifically, for a salary of Rs 1 million, a tax of Rs 20,000 is imposed on the Rs 400,000 exceeding the exemption limit.
For individuals earning between Rs 1.2 million and Rs 2.2 million, a fixed tax of Rs 30,000 will be charged, along with 15 percent on the income exceeding Rs 1.2 million. Similarly, salaries between Rs 2.2 million and Rs 3.2 million will face a tax of Rs 180,000 plus 25 percent on income above Rs 2.2 million.
Incomes ranging from Rs 3.2 million to Rs 4.1 million will incur a fixed tax of Rs 430,000, in addition to 30 percent on the excess amount. Those earning more than Rs 4.1 million will be taxed Rs 700,000, with an extra 35 percent on income exceeding Rs 4.1 million. The FBR also instructed employers to deduct the relevant taxes from employees’ salaries to ensure efficient tax collection. This initiative is designed to ease the financial load on low-income workers while maintaining a consistent tax framework for higher-income earners.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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