2023-2024 Tax Year 2024
TAX RATES FOR AOP & BUSINESS INDIVIDUALS
| 1. | Upto Rs.600,000 | 0% |
|---|---|---|
| 2. | Rs.600,001 to Rs.800,000 | 7.5% of the amount exceeding Rs.600,000 |
| 3. | Rs.800,001 to Rs.1,200,000 | Rs.15.000 + 15% of the amount Rs.800.000 |
| 4. | Rs.1,200,001 to Rs.2,400,000 | Rs.75,000 + 20% of the amount exceeding Rs.1,200,000 |
| 5. | Rs.2,400,001 to Rs.3.000,000 | Rs.315,000 + 25% of the amount
exceeding Rs.2.400,000 |
| 6. | Rs.3,000,001 to Rs.4.000,000 | Rs.465,000 + 30% of the amount
exceeding Rs.3,000,000 |
| 7. | Exceeding Rs.4,000,000 | Rs.765,000 + 35% of the amount
exceeding Rs.4.000,000 |
TAX RATES FOR SALARIED INDIVIDUALS
| 1. | Upto Rs.600,000 | 0% |
|---|---|---|
| 2. | Rs.600,001 to Rs.1,200,000 | 2.50% of the amount exceeding Rs.600,000 |
| 3. | Rs.1,200,001 to Rs.2.400,000 | Rs.15,000 + 12.50% of the amount Rs.1,200,000 |
| 4. | Rs.2,400,001 to Rs.3,600,000 | Rs.165,000 + 22.5% of the amount
exceeding Rs.2,400,000 |
| 5. | Rs.3,600,001 to Rs.6.000,000 | Rs.435,000 + 27.5% of the amount
exceeding Rs.3.600,000 |
| 6. | Exceeding Rs.6,000.000 | Rs.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 Company | 39% |
|---|---|
| Small Company | 20% |
| Any other Company | 29% |
| Alternate Corporate Tax (Section 113C) | 17% |