Salary Income Tax Calculator 2023-24 - Find Salary Tax
The Federal government has announced a 35% increase in salaries of all government employees from Bps -01 to Bps-16 while a 30% increase in salaries for Bps-17 to Bps-20. But now as government has made agreement with IMF and to meet IMF demands Federal government has introduced new income slab for government employees. This income tax has been imposed after revised Budget plan for year 2023-24.Now a notable amount of tax has been imposed on government employees. Those employees who annual income is less than RS600000 per annum are exempted from this tax. But those employees whose annual salary income is RS 600000 to 1.2 million will have to pay 2.5% tax on amount exceeding than RS 600000.
Income Tax Rate 2023-24 For Government Employees and Salaried Class:
Here are the important key points of Income Tax for Budget 2023-24
- Annual income up to Rs. 600,000: No tax
- Annual income between Rs. 600,000 and Rs. 1,200,000: 2.5% tax on the amount exceeding Rs. 600,000
- Annual income between Rs. 1,200,000 and Rs. 2,400,000: Rs. 15,000 + 12.5% tax on the amount exceeding Rs. 1,200,000
- Annual income between Rs. 2,400,000 and Rs. 3,600,000: Rs. 165,000 + 22.5% tax on the amount exceeding Rs. 2,400,000
- Annual income between Rs. 3,600,000 and Rs. 6,000,000: Rs. 405,000 + 27.5% tax on the amount exceeding Rs. 3,600,000
- Annual income between Rs. 6,000,000 and Rs. 12,000,000: Rs. 1,095,000 + 35% tax on the amount exceeding Rs. 6,000,000
- Annual income above Rs. 12,000,000: Rs. 1,095,000 + 35% tax on the amount exceeding Rs. 6,000,000
In other words, the more you earn, the higher your income tax will be. However, there is no income tax for those who earn less than Rs. 600,000 per year.