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In the 2024-24 tax year for Pakistan: The Income Tax Slab 2024-24 in Pakistan was just announced by the Federal Board of Revenue (FBR) in Pakistan. These new tax rates will begin to take effect on June 1, 2024, and are intended to improve the efficiency and fairness of taxes. In this article, we’ll examine the new income tax slabs, talk about the proposed changes, offer an income tax calculator, and give important details to taxpayers in Pakistan. Understanding the income tax slab in Pakistan is vitally important for individuals and businesses alike, determining how much tax to pay based on income level. With Pakistan entering the fiscal year 2024-24, staying up-to-date on its latest income tax slab is necessary for compliance and proper financial planning. Here we explore what constitutes Pakistan’s 2024-24 Income Tax Slab as we examine key components such as rates and exemptions of this necessary compliance tool.
Income Tax Slab 2024-24 in Pakistan
What Is an Income Tax Slab? An income tax slab is a progressive structure that divides annual income earners into various brackets based on their annual earnings and assigns each of them its own tax rate to ensure fair distribution and social equity. The goal of an income tax slab is to ensure a fair distribution of the tax burden and promote social justice. Check details of Salary Increment in 2024
Understanding the Revised Income Tax Slabs
- In the new Income Tax Slab 2024-24 in Pakistan The FBR has introduced three new income slabs, along with new tax rates. The income slabs as well as their tax rates are as below.
- Monthly income of between Rs50,000/- and Rs100,000.and less It is taxed at a rate fixed at 2.5 percent.
- Monthly income of between the Rs100,000/- mark and Rs300,000/– The tax rate is suggested to be 12.5 percent.
- The monthly earnings of a household exceed Rs3,600,000.but not exceeding the amount of 6,000,000 rupees Tax rate is set to be 20%.
- The monthly income that exceeds 12,000,000 rupees Tax rate is suggested to be 25%.
- It is important to keep in mind that the new rates will be applicable to income that is tax deductible only. All income that is tax-free for example, interest in a savings account, won’t be affected by these changes.
Using the Salary Tax Calculator 2024 24
To calculate your tax obligations in your tax liability under the new taxes on income 2024-24, in Pakistan, You can use the tax calculator for salary provided through the FBR. Take these measures:
- Visit the FBR’s official site or the online calculator that is designated for use.
- Input your monthly earnings into the calculation.
- The calculator will analyze your input and show the tax burden on your income according to the tax slab and the rate.
Income Tax Slab 2024-24 in Pakistan Explanations
Pakistan has various brackets within its income tax slab for the fiscal year 2024-24, each one offering its own tax rates. Let’s explore them more closely now:
Under Pakistan’s 2024-24 Income Tax Slab 2024-24, individuals with taxable income up to PKR 600,000. The tax rate in this bracket is zero percent – meaning those falling within this income range do not owe any income tax at all.
Income Tax Slab 2024-24 in Pakistan | Relief Measures in Budget
- Second Income Tax Slab
Pakistan’s second income tax slab 2024-24 applies to individuals who earn taxable income exceeding PKR 600,000 but less than or equaling PKR 1,200,000; its tax rate stands at 5% of their taxable income as income tax due. If your taxable income falls within this range, 5% will be deducted as income tax payable. - Third Income Tax Slab
Individuals whose taxable income exceeds PKR 1,200,000 but falls below PKR 2,400,000 fall within the third income tax slab and its tax rate is 10%; that means you’ll owe 10% of your taxable income as income tax if this bracket applies. - Fourth Income Tax Slab
The fourth income tax slab applies to individuals whose taxable income surpasses PKR 2,400,000 but does not surpass PKR 3,000,000, and falls between these thresholds. The tax rate in this bracket is 15%; if your income falls within this range, 15% of it must be paid as income tax. - Fifth Income Tax Slab
Pakistan’s fifth and final income tax slab 2024-24 applies to individuals who have taxable income exceeding PKR 3,000,000. The tax rate for this bracket is 20%; therefore if your taxable income surpasses this amount you will owe 20% of it as income tax.
Exemptions for Salaried Individuals
- Medical Allowance: Salaried individuals may qualify for an exemption on any medical allowances received from their employer, subject to certain limits.
- House Rent Allowance: If your salary includes a house rent allowance, it may qualify for tax relief on some or all of it. Conveyance Allowances Can Also Be Claim Salaried individuals receiving conveyance allowances as part of their salaries for commuter services may also claim exemptions on this benefit.
Relief Measures in Budget 2024
- Exemption of Customs duty on certain art and paper cards as well as boards for printing the Holy Quran.
- incentives to the Pharma sector by incorporating an additional API and 03 drugs in the current duty-free regime.
- An incentive to manufacture Solar Panels and related equipment is by removing customs duties on the importation of equipment, machinery, and other equipment.
- A reward to exporters who use Information Technology (IT) and IT-related services is to allow the import of IT-related equipment duty-free equal to 1% of their export profits.
- Reduction of Customs duties and additional Customs duties on import of intermediary/industrial inputs falling under 10 PCT codes.
- Exemption of Customs duty on raw materials for Diapers Sanitary Napkins and adhesive Tape.
- Concession of customs duty on raw materials/inputs to producers of Capacitors.
- The Customs duty is reduced from 10 percent to 5% for non-localized (CKD) of heavy Commercial Vehicles (HCVs).
- Exemption from ACD for import of raw materials from Hemodialyzers powder or fluid.
- Extension of exemptions on imports of machinery and equipment from the former FATA zones until June 2024.
- Concession for the continued import of flavouring powders to aid in food preparation by manufacturers of snacks until June 2024.
- Exemption of Customs duty Organic Composite Solvent and Thinners for the manufacture of Butyl Acetate and Dibutyl Orthophthalates.
- Reduced Customs duty on the import of pet scraps for the manufacture of filament polyester yarn.
- Exemption of customs duty on raw materials to manufacture Moulds and Dies.
- Exemption of customs duties on raw materials/inputs to Mining equipment.
- Exemption of Customs duty on raw materials and inputs to Rice mills.
- Exemption of customs duties on inputs/raw materials for machine tools.
- Harmonization in Part(V) of the Fifth Schedule with the Customs Act with Auto Industry Development and Export Policy (AIDEP) 2021-26.
- Exemption of Customs duty on the import of seeds to be used for sowing to encourage expansion in the agriculture sector.
- Exemption of Customs duties on import of shrimps/prawns/juveniles for breeding in commercial fish farms and hatcheries.
- Exemption of Customs duties for the roasted peanuts used in the production of ready-to-use supplementary food items (RUSF) from World Food Program-certified manufacturers.
- An increase in Customs duty to Carbides that contain calcium from 3 to 11 percent to safeguard the local industry.
- 23. Elimination of the regulatory obligation on second-hand clothing in order to provide assistance to the most disadvantaged of society.
- Reduced regulatory duty on 151 PCT codes relating to used clothing, fish, tiles, and sports equipment.
- Removal of the duty to regulate IT-related equipment, to help boost development of the Information Technology sector.
- Elimination of regulatory duties for Synthetic Filament Yarn made of polyester that is not produced locally.
- The removal of the regulatory obligation on components for Flat panels, monitors, and projectors.
- Elimination of Regulatory Duties to Silicon Steel Sheets.
- Exemption of RD on steel rods and round bars made of non-alloy
- Levy or increase of the regulatory duty on imports of products made of glass in order to protect local manufacturing.
- To prevent the usage of inefficient Tungsten filament Incandescent bulbs 20 percent RD is placed on the bulbs and all their components.
- Export Regulation Duty on the Molasses export increased from 10 percent to 15 15%.
FAQS
Q: What are the FBR Income Tax Slabs 2024?
A: Pakistan’s Federal Board of Revenue has set income tax slabs ranging from 0%-30% depending on income levels.
Q: What is the Corporate Tax Rate in Pakistan for 2024?
A: It can differ, depending on local policies and regulations.
How Can I Calculate Income Tax?
A: Income tax calculations involve considering taxable income, deductions, and the applicable tax rates according to local guidelines from tax authorities.
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