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Tuesday, July 23, 2024  
17 Muharram 1446  

Income tax calculator for FY 2024-25

Calculate the income tax on your monthly salary or income

The federal government has increased the income tax rate for people earning Rs100,000 or above per month in the federal budget for the fiscal year 2024-25.

The tax rate has increased from 2.5% to 5% for those earning between Rs600,000 and Rs1,200,000 per annum.

The government maintained the tax slabs to six, as the tax burden continues to increase on the inflation-burdened salaried class.

The salaried class paid Rs158 billion in taxes during the first half of the last fiscal year, becoming the fourth-largest income tax contributor.

Individuals might think twice before seeing their pay cheque at the start of the month as the new rates have further affected the post-tax earnings of people earning more than Rs600,000 per annum.

Here is your guide to quickly calculate how the new tax rate has affected your post-tax earnings and how much tax you will be paying annually.

We have also reproduced the next tax slab as laid out in the finance bill for FY 2024-25.

Tax slabs

S. No

Annual taxable income

Tax rate (2024-25)


Taxable income does not
exceed Rs600,000



Taxable income exceeds Rs600,000
but does not exceed Rs1,200,000

5% of the amount exceeding


Taxable income exceeds
Rs1,200,000 but does not
exceed Rs2,200,000

Rs30,000 + 15% of the
amount exceeding 1,200,000


Taxable income exceeds
Rs2,200,000 but does not
exceed Rs3,200,000

Rs180,000 + 25% of
the amount exceeding Rs2,200,000


Taxable income exceeds
Rs3,200,000 but does not
exceed Rs4,100,000

Rs430,000 +30% of the
amount exceeding Rs3,200,000


Taxable income exceeds

Rs700,000 + 35% of the
amount exceeding Rs4,100,000

Furthermore, those earning between Rs3,200,000 to Rs4,100,000 per annum will pay a fixed tax of Rs430,000 and 30% on income above Rs3,200,000 will be levied.

For those earning above Rs4,100,000 per annum, a fixed tax of Rs700,000 plus 35% on income above Rs4,100,000 will be applicable.

The government has maintained the existing six tax slabs but has adjusted the tax rates. Previously, the 35% tax rate was applicable on monthly incomes above Rs600,000 (Rs7,200,000 per annum), while the lower slabs had a 27.5% tax rate.

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