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FY 2023–24 Income Tax Slabs — Salaried Individuals

Finance Act 2023 — effective July 1, 2023 to June 30, 2024. Lower band rate reduced to 2.5%. Upper brackets widened.

FY 2023–24 slab table

Taxable Annual IncomeTax Rate
PKR 0 – PKR 6.00 Lac 0%
PKR 6.00 Lac – PKR 12.00 Lac 2.5%
PKR 12.00 Lac – PKR 24.00 Lac PKR 15,000 + 12.5% of excess
PKR 24.00 Lac – PKR 36.00 Lac PKR 1.65 Lac + 22.5% of excess
PKR 36.00 Lac – PKR 60.00 Lac PKR 4.35 Lac + 27.500000000000004% of excess
Above PKR 60.00 Lac PKR 10.95 Lac + 35% of excess

Worked example — Rs. 150,000/month salary

For an annual taxable income of PKR 18.00 Lac in FY 2023–24, the tax payable works out to approximately PKR 90,000 per year (PKR 7,500/month), before any medical allowance or other exemptions.

Want your exact figure with medical allowance included? Use the calculator →

Full slab wording (as published by FBR)

  • Where the taxable salary income does not exceed Rs. 600,000, the rate of income tax is 0%.
  • Where the taxable salary income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000, the rate of income tax is 2.5% of the amount exceeding Rs. 600,000.
  • Where the taxable salary income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000, the rate of income tax is Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000.
  • Where the taxable salary income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000, the rate of income tax is Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000.
  • Where the taxable salary income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000, the rate of income tax is Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000.
  • Where the taxable salary income exceeds Rs. 6,000,000, the rate of income tax is Rs. 1,095,000 + 35% of the amount exceeding Rs. 6,000,000.

About FY 2023–24

Finance Act 2023 — effective July 1, 2023 to June 30, 2024. Lower band rate reduced to 2.5%. Upper brackets widened.