Connect with us

Pakistan

Income tax 2024: Calculate your salary deductions starting July 1 | The Express Tribune

Published

3 مہینے ago

on


Effective from July 1, the Finance Bill 2024 introduces major tax reforms aimed at increasing revenue. These changes impact the salaried class with varied tax rates and fixed taxes based on income brackets.

Key Points of the new tax regime

1. Exemption and initial tax brackets

  • Individuals earning up to Rs50,000 per month (or Rs600,000 annually) are exempt from income tax.
  • Monthly incomes up to Rs100,000 will be taxed at 5%, affecting annual incomes between Rs600,000 and Rs1.2 million. This results in a monthly tax of Rs2,500, up from Rs1,250.

2. Mid-range incomes

  • Annual incomes between Rs1.2 million and Rs2.2 million will incur a 15% tax rate plus a fixed annual tax of Rs30,000.
  • Monthly earners of Rs183,344 will pay a 15% tax, amounting to Rs15,000 per month, an increase from Rs11,667.

3. Higher income brackets

  • Those earning between Rs2.2 million and Rs3.2 million annually will face a 25% tax rate and a fixed tax of Rs180,000 annually.
  • Individuals with a monthly income of Rs267,667 will be taxed 25%, resulting in Rs36,083 monthly, up from Rs28,770.

4. Top-tier incomes

  • Annual incomes from Rs3.2 million to Rs4.1 million are subject to a 30% tax rate and a fixed tax of Rs430,000 annually.
  • Monthly earners of Rs341,667 will now pay 30%, or Rs58,333 per month, up from Rs47,408.
  • Salaries exceeding Rs4.1 million per annum will be taxed at 35%, with a fixed annual tax of Rs700,000.

5. Surcharge

  • A 10% surcharge is applied to incomes over Rs10 million for individuals and Associations of Persons (AOPs).
Monthly Income Annual Income Income Tax Rate Fixed Annual Tax Previous Monthly Tax New Monthly Tax
Up to Rs 50,000 Up to Rs 600,000 0% Rs 0 Rs 0 Rs 0
Rs 50,001 – Rs 100,000 Rs 600,001 – Rs 1,200,000 5% Rs 0 Rs 1,250 Rs 2,500
Rs 100,001 – Rs 183,344 Rs 1,200,001 – Rs 2,200,000 15% Rs 30,000 Rs 11,667 Rs 15,000
Rs 183,345 – Rs 267,666 Rs 2,200,001 – Rs 3,200,000 25% Rs 180,000 Rs 28,770 Rs 36,083
Rs 267,667 – Rs 341,666 Rs 3,200,001 – Rs 4,100,000 30% Rs 430,000 Rs 47,408 Rs 58,333
Above Rs 341,666 Above Rs 4,100,000 35% Rs 700,000 – –
Above Rs 833,333 Above Rs 10,000,000 10% Surcharge – – –

 

Impact and government’s goal

These measures are expected to increase the tax burden on higher-income earners, reducing their disposable income. The government aims to boost revenue collection through these revised tax rates, reflecting broader fiscal policies in the Finance Bill 2024.

Changes in vehicle taxation

The Finance Bill 2024 also revises the taxation on locally manufactured vehicles. Shifting from a fixed tax rate to a value-based system, the new regime taxes vehicles based on their value rather than a fixed amount.

These updates, effective from July 1, 2024, represent a significant shift in the government’s approach to taxation, aiming for a more equitable revenue generation method.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

آپ کا ای میل ایڈریس شائع نہیں کیا جائے گا۔ ضروری خانوں کو * سے نشان زد کیا گیا ہے

Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

Published

17 گھنٹے ago

on

ستمبر 20, 2024

By


Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

You may like to read our these stories

Yamaha Bikes Latest Price in Pakistan May Update

Continue Reading

Pakistan

Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

Published

18 گھنٹے ago

on

ستمبر 20, 2024

By


If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

Continue Reading

Pakistan

Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

Published

19 گھنٹے ago

on

ستمبر 20, 2024

By


LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

Continue Reading

Pakistan

Gold prices reach historic high in Pakistan – Pakistan Observer

Published

20 گھنٹے ago

on

ستمبر 20, 2024

By


Your source for latest Pakistan, world news. Stay updated on politics, business, sports, lifestyle, CPEC, and breaking news. Accurate, timely, and comprehensive coverage.

Continue Reading

Trending