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2023-2024 Tax Year 2024


TAX RATES FOR AOP & BUSINESS INDIVIDUALS
1.Upto Rs.600,0000%
2.Rs.600,001 to Rs.800,0007.5% of the amount exceeding Rs.600,000
3.Rs.800,001 to Rs.1,200,000Rs.15.000 + 15% of the amount Rs.800.000
4.Rs.1,200,001 to Rs.2,400,000Rs.75,000 + 20% of the amount exceeding
Rs.1,200,000
5.Rs.2,400,001 to Rs.3.000,000Rs.315,000 + 25% of the amount exceeding
Rs.2.400,000
6.Rs.3,000,001 to Rs.4.000,000Rs.465,000 + 30% of the amount exceeding
Rs.3,000,000
7.Exceeding Rs.4,000,000Rs.765,000 + 35% of the amount exceeding
Rs.4.000,000

TAX RATES FOR SALARIED INDIVIDUALS
1.Upto Rs.600,0000%
2.Rs.600,001 to Rs.1,200,0002.50% of the amount exceeding Rs.600,000
3.Rs.1,200,001 to Rs.2.400,000Rs.15,000 + 12.50% of the amount Rs.1,200,000
4.Rs.2,400,001 to Rs.3,600,000Rs.165,000 + 22.5% of the amount exceeding
Rs.2,400,000
5.Rs.3,600,001 to Rs.6.000,000Rs.435,000 + 27.5% of the amount exceeding
Rs.3.600,000
6.Exceeding Rs.6,000.000Rs.1,095,000 + 35% of the amount exceeding
Rs.6.000,000

Note: 25% Reduction in Tax for full time Teacher except practicing doctors.
Note: Salary rate applicable where salary income exceeds 75% of total taxable income.


TAX ON DEEMED INCOME (SECTION 73)

Amount equal to 5% of FMV of capital assets aggregating value exceeding Rs.25(M) situated in Pakistan
held on the last day of tax year would be considered deemed income. The rate of tax u/s 7E shall be 20%.
Note: 7E is declared ultra vires/suspended in Punjab by Hon'ble LHC vide Writ Petition No. 52559/2022.
However, it is advisable to fill 7E form in return of income TY 2013, so that, in case if otherwise order
announced by SC in future, exclusions could be claimed.


TAX RATES OF COMPANIES

Banking Company39%
Small Company20%
Any other Company29%
Alternate Corporate Tax (Section 113C)17%
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