Calculating the income tax on your salary can be a quite challenging task especially if you don’t have a finance and taxation background. Here comes our Salary Income Tax Calculator which allows salaried individuals to easily estimate their tax obligations under the latest tax slabs for the fiscal year 2024-25. This tool simplifies the process by providing a clear breakdown of taxes based on your monthly and yearly income.
Calculate Your Income Tax
Calculate your income tax with our salary tax calculator below:
Income Tax Calculator for FY 2024-25
Monthly
Salary including tax 0
Tax deduction 0
Salary after tax 0
Yearly
Salary including tax 0
Tax deduction 0
Salary after tax 0
Using an income tax calculator is simple, but to get more accurate results, it’s important to understand what information you need to enter. Here are some details on accurately entering your salary:
You can input either your monthly or yearly gross salary in the calculator. If your monthly income varies during the year, you can enter your total yearly income for a more accurate tax estimate. This option is useful for people with variable pay due to bonuses, overtime, commissions, and changes in salary due to appraisal/increment or change of job. However, if your salary remains constant throughout the year, entering the monthly income will work fine too.
Gross salary refers to your total income before any deductions such as taxes, retirement contributions, or health insurance premiums. It generally includes:
- Basic Salary
- Allowances
- Bonuses or Incentives
- Commissions
- Overtime Pay
- Provident Fund
- Other Earnings
Make sure to enter the total gross salary in the calculator to get an accurate estimate of your income tax in Pakistan.
Click on the buttons for official details on Income Tax.
Salary Income Tax Slabs for Fiscal Year 2024-2025
Here are the income tax slabs for salaried individuals that apply under the fiscal year 2024-25:
| Annual Income | Tax Rate |
|---|---|
| 0 to 6 Lacs | 0% |
| 6 Lacs to 12 Lacs | 5% of the amount exceeding Rs. 600,000 |
| 12 Lacs to 22 Lacs | Rs. 30,000 + 15% of the amount exceeding Rs. 1,200,000 |
| 22 Lacs to 32 Lacs | Rs. 180,000 + 25% of the amount exceeding Rs. 2,200,000 |
| 32 Lacs to 41 Lacs | Rs. 430,000 + 30% of the amount exceeding Rs. 3,200,000 |
| More Than 41 Lacs | Rs. 700,000 + 35% of the amount exceeding Rs. 4,100,000 |
Additional Surcharge on High-Income Salaried Individuals
For people earning over Rs. 10 million annually, there is an additional 10% surcharge on their income tax.
Complexity and Lack of Awareness
Tax regulations often change with each budget announcement, making it hard for many salaried individuals to identify taxation rates on their income. They may inadvertently do this wrong on tax returns which may result in incurring penalties in the event they do not comply. The Salary Tax Calculator helps employees get estimates of what they are supposed to pay.
However, if you are still confused, visit OLX to get the services of Tax Consultants. These professionals can also help you become a filer in Pakistan.
Conclusion
This Income Tax Calculator serves as a useful tool for salaried individuals in Pakistan. You can get quick estimates of your possible income tax based on your monthly as well as annual income. Utilizing these estimates can help improve your financial strategies and ensure compliance with the country’s tax laws. Moreover, it may also help you manage your monthly expenditures more effectively.
Disclaimer
All materials provided on this page is offered “as-is”. While we make every effort to ensure accuracy, no guarantees are made regarding the completeness or correctness of the data. Users should consult a tax professional for advice tailored to their individual circumstances.
OLX Pakistan is not liable for any damages resulting from the use of this tool, including errors or miscalculations. Some jurisdictions do not permit limitations on implied warranties or liability, so these limitations may not apply to you.
The information on this page may be updated at any time without notice. While every effort is made to keep the content fresh, we do not guarantee updates on a regular schedule.
Leave a Reply