Income tax calculator 2023-24

 Income tax calculator 2023-24

New income tax on salary 2023-24 as approved by the National Assembly of Pakistan in Budget/ Finance bill 2023-24 are as follows:

Income tax calculator Pakistan 

 The new tax slabs are developed as follows:

• For income below Rs600,000 per year (Rs 50,000 per month) — no tax will be deducted
• Those earning Rs600,000 to Rs 1.2 million per year (Rs50,000 to Rs 100,000 per month) will pay a tax of 2.5% of the amount exceeding Rs 600,000
• Income within a range of Rs 1.2 million to Rs 2.4 million (Rs100,000 to Rs 200,000 per month) will pay Rs 15,000 plus 12.5% of the amount exceeding Rs 1.2 million
• FROM Rs2.4 million to Rs3.6 million a year (Rs 200,000 to Rs 300,000 per month) will be charged at Rs 165,000 plus 22.5% of the amount exceeding Rs2.4 million
• From Rs3.6 million to Rs 6 million a year (Rs300,000 to Rs500,000 per month) will be charged at Rs405,000 plus 27.5% of the amount exceeding Rs3.6 million
• People with an annual income of Rs 6m to Rs 12 million (Rs500,000 to 1,000,000 per month) will be charged at Rs1.005 million plus 35.5% of the amount exceeding Rs 6 million
• In the last slab, individuals earning more than Rs 12 million (more than Rs1,000,000 per month) a year will be charged at Rs2.955 million plus 37.5% of the amount exceeding Rs 12 million

After getting 35% or 30 increase in salary, there is an increase in the income tax also. So you will get 5% less than the adhoc relief allowance due to increased deduction of the income tax in the financial year 2023-24.

Revised salary chart after 2023 Budget  

Income tax calculator, income tax slabs, income tax on salary 2023 24, income tax calculator Pakistan, income tax calculator 2023 on Salary Pakistan,

New income tax slabs table  

https://www.jobnewz.club/2023/06/new-income-tax-slabs-in-budget-2023-24.html