Free Online Income Tax Calculator (2024-2025)
How to Use TAXEZEE’s Income Tax Calculator
- Enter Your full Name
- Enter Your mobile Number 03001234567
- Enter Your Annual Income: Input your gross annual salary or total taxable income.
- Click Calculate: Our calculator instantly provides an estimate of your income tax for the 2024-2025 fiscal year.
Tax Slabs for Fiscal Year 2024-2025
In Pakistan, income tax is calculated based on an individual’s or business’s taxable income, which is the total income minus any deductions or exemptions allowed by law. The income tax system is progressive, meaning that individuals with higher income levels pay a higher percentage in taxes.
Starting from July 1, 2024, the new tax slabs for salaried individuals were introduced under the federal budget for FY 2024-2025. Here's a breakdown of the updated tax rates:
- Income up to Rs. 600,000: No tax (0%)
- Income between Rs. 600,001 and Rs. 1,200,000: 5% of the amount exceeding Rs. 600,000
- Income between Rs. 1,200,001 and Rs. 2,200,000: Rs. 30,000 + 15% of the amount exceeding Rs. 1,200,000
- Income between Rs. 2,200,001 and Rs. 3,200,000: Rs. 180,000 + 25% of the amount exceeding Rs. 2,200,000
- Income between Rs. 3,200,001 and Rs. 4,100,000: Rs. 430,000 + 30% of the amount exceeding Rs. 3,200,000
- Income above Rs. 4,100,000: Rs. 700,000 + 35% of the amount exceeding Rs. 4,100,000
These updated slabs ensure that individuals earning over Rs. 600,000 annually contribute progressively higher taxes, reflecting the government’s new income tax policy for the fiscal year 2024-2025.
Pakistan Tax Calculator
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Pakistan Tax Calculator
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