Tax forms are being simplified so that ordinary people can fill them themselves, says Finance Minister
Islamabad: The federal government has announced a significant reduction in income tax for the salaried class in the budget 2024-25, under which relief has been given to employees with all levels of income.
Under the tax relief, a complete exemption has been given on a monthly salary of Rs 50,000, while the tax of people earning Rs 100,000 per month has been reduced from Rs 2,500 to just Rs 500.
According to further details regarding salary relief:
Tax on monthly salary of Rs 1.5 lakh reduced from Rs 10,000 to Rs 6,000
Tax on monthly salary of Rs 2 lakh reduced from Rs 19,167 to Rs 13,500
Tax on Rs 2.25 lakh reduced from Rs 25,417 to Rs 19,250
Tax on Rs 2.50 lakh reduced from Rs 31,667 to Rs 25,000
Tax on Rs 3 lakh reduced from Rs 45,833 to Rs 38,833
Tax on Rs 3.5 lakh reduced from Rs 61,250 to Rs 54,250
Tax on Rs 4 lakh reduced from Rs 78,750 to Rs 71,750
Tax on Rs 5 lakh reduced from Rs 1,13,750 to Rs 1,06,750
Tax on Rs 5.5 lakh reduced from Rs 1,31,250 Rs 1,24,250
Tax on 6 lakhs reduced from 1,48,000 to 1,41,000
Tax on 8 lakh salary reduced from 2,18,000 to 2,11,000
Tax on 1 million salary reduced from 3,17,000 to 3,07,000
Tax on 15 lakhs reduced from 5,10,000 to 4,98,000
Tax on 2 million lakhs reduced from 7,02,000 to 6,89,000
Tax on 25 lakhs reduced from 8,95,000 to 8,79,000
Tax on 28 lakhs reduced from 10,10,000 to 9,94,000
Tax on 3 million lakhs reduced from 10,87,000 to 10,70,000 The government says the move is aimed at providing relief to the salaried class in the wake of inflation. According to the Finance Minister, tax forms are also being simplified so that ordinary people can fill them themselves.
