Revised Rates / Changes in Income Tax Rates 2024-25 for Salaried Persons
Changes in Tax Rates Under the Finance Act 2024 in The Income Tax Ordinance, 2001.
It is brought to your notice that various amendments to the Income Tax Ordinance, 2001 have been enacted through the Finance Act, 2024. The rates of withholding Tax under Section 149 on salaries have been increased, effective from July 1, 2024. The detailed changes are as follows:
Section 149
Sr No Taxable Income Rate of Tax
1 Where taxable income does not exceed Rs. 600,000 /- 0%
2 Where taxable income exceeds Rs 600,000 but does not exceed Rs 1,200,000 5% of the amount exceeding Rs, 600,000
3 Where taxable income exceeds Rs 1,200,000 but does not exceed Rs 2,200,000 Rs 30,000 + 15% of the amount exceeding RS. Rs 1,200,000
4 Where taxable income exceeds Rs 2,200,000 but does not exceed Rs 3,200,000 Rs 180,000 +25% of the amount exceeding Rs. 2,200,00
5 Where taxable income exceeds Rs 3,200,000 but does not exceed Rs 4,100,000 Rs 430,000 + 30% of the amount exceeding Rs 3,200,000
6 Where Taxable income exceeds Rs 4,100,000 Rs 700,000 + 35% of the amount exceeding Rs. 4,100,000
Copy to the following:
The Additional Commissioner Inland Revenue Withholding Taxes Range-I, Bahawalpur for information
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