Expected Income Tax Slabs 2024-25 and Difference of Old and New Tax (Employees)

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Download Income Tax Slabs and Tax CalculationsI have prepared the Income Tax Calculations 2024-25 and 2023-24 with the help of old Income Tax Slabs and new expected I. Tax slabs. All these calculations depend on the approval of new tax rates with effect from 1st July 2024 as per Budget Speech 2024-25. Still, we are calculating on the basis of the budget speech Copy 2024-25 Federal of the Finance Minister. These calculations are not yet final. However, After approval, these will take effect from 1st July 2024. The Government may make some amendments to it.

 

Income Tax Calculations 2024-25 and 2023-24 and Income Tax Slabs

 

There are changes in the income tax slabs during previous years and this year 2024-25. The Tax slabs for the amount till 22,00,000/- annual income are the same with different tax rates and different lump sum amount tax amount. Employees having monthly income Rs. 50001 to Rs. 100,000/- will have to pay double income tax. The maximum amount of tax increased for this category of employees is Rs. 1250/- per month and the minimum increase is Re.1.

               Salaries Persons having annual gross salary from 12,00,001 to 22,00,000/- will have to pay tax with an increase of 1250/- per month (minimum) to 3333/- (maximum). If any employee was paying previously Rs. 11667/- per month then he has to pay now Rs. 15,000/- per month. I have already prepared the Income Tax Calculator 2024-25 for Salaried Persons. You can easily enter your gross amount there and find the tax. However at the request of many employees I have made these calculations on a simple sheet.

Income Tax Calculations 2024-25 and 2023-24 and Tax Slabs

 

Download Income Tax Slabs and Tax Calculations

 

Income Tax Slabs for Salaried Persons 2024-2025 and 2023-2024

 

I.Tax Slabs 2024-25

 

Expected Tax Slabs 2024-2025
Taxable Annual  Income does not exceed Rs. 600,000/- 0%
Taxable Annual Income exceeds Rs. 600,000/- but not more than 12,00,000/- 5% of the amount exceeding Rs. 600,000/-
The Taxable Annual Income exceeds Rs. 12,00,000/- but does not more than 22,00,000/- Rs. 30,000 + 15% of the amount exceeding Rs. 12,00,000/-
Taxable Annual Income exceeds Rs. 22,00,000/- but does not more than 32,00,000/- Rupees  180,000 + 25% of amount exceeding 22,00,000/-
The Taxable Annual Income exceeds. 32,00,000/- but not more than Rs. 41,00,000/- Rs. 430,000 +30% of the exceeding amount Rs. 32,00,000/-
Taxable Annual Income exceeds Rs. 41,00,000/- Rs. 700,000 + 35% of the exceeding Amount of Rs. 41,00,000/-

 

 

Income Tax Slabs 2023-24 for Salaried Persons Employees

 

 

I.Tax Calculators for Different Amounts of Monthly and Annual Gross Salary

 

 

Income Tax for Exceeding Annual Income up to 12,00,000/-
Monthly Salary Annual  Taxable Income  Income Tax Amount  Monthly IT Previous Tax Difference
50000 600000 0 0 0 0 0
52000 624000 24000 1200 100 50 50
53000 636000 36000 1800 150 75 75
54000 648000 48000 2400 200 100 100
55000 660000 60000 3000 250 125 125
57000 684000 84000 4200 350 175 175
60000 720000 120000 6000 500 250 250
62000 744000 144000 7200 600 300 300
65000 780000 180000 9000 750 375 375
67500 810000 210000 10500 875 438 438
70000 840000 240000 12000 1000 500 500
72500 870000 270000 13500 1125 563 563
75000 900000 300000 15000 1250 625 625
77500 930000 330000 16500 1375 688 688
80000 960000 360000 18000 1500 750 750
82500 990000 390000 19500 1625 813 813
85000 1020000 420000 21000 1750 875 875
87500 1050000 450000 22500 1875 938 938
90000 1080000 480000 24000 2000 1000 1000
92500 1110000 510000 25500 2125 1063 1063
95000 1140000 540000 27000 2250 1125 1125
97500 1170000 570000 28500 2375 1188 1188
100000 1200000 600000 30000 2500 1250 1250

 

The Income Tax for Exceeding Annual Income up to  22,00,000/-
Monthly Salary Annual  Taxable Income  Income Tax Amount  Monthly IT Previous Tax Difference
100001 1200012 12 30002 2500 1250 1250
105000 1260000 60000 39000 3250 1875 1375
110000 1320000 120000 48000 4000 2500 1500
115000 1380000 180000 57000 4750 3125 1625
120000 1440000 240000 66000 5500 3750 1750
125000 1500000 300000 75000 6250 4375 1875
130000 1560000 360000 84000 7000 5000 2000
135000 1620000 420000 93000 7750 5625 2125
140000 1680000 480000 102000 8500 6250 2250
145000 1740000 540000 111000 9250 6875 2375
150000 1800000 600000 120000 10000 7500 2500
155000 1860000 660000 129000 10750 8125 2625
160000 1920000 720000 138000 11500 8750 2750
165000 1980000 780000 147000 12250 9375 2875
170000 2040000 840000 156000 13000 10000 3000
175000 2100000 900000 165000 13750 10625 3125
180000 2160000 960000 174000 14500 11250 3250
183333 2199996 999996 179999 15000 11667 3333

 

Income Tax for Exceeding Annual Income up to 32,00,000/-
Monthly Salary Annual  Taxable Income  Income Tax Amount  Monthly IT Previous Tax Difference
183334 2200008 8 180002 15000 11667 3333
185000 2220000 20000 185000 15417 11875 3542
190000 2280000 80000 200000 16667 12500 4167
195000 2340000 140000 215000 17917 13125 4792
200000 2400000 200000 230000 19167 13750 5417
205000 2460000 260000 245000 20417 14875 5542
210000 2520000 320000 260000 21667 16000 5667
215000 2580000 380000 275000 22917 17125 5792
220000 2640000 440000 290000 24167 18250 5917
225000 2700000 500000 305000 25417 19375 6042
230000 2760000 560000 320000 26667 20500 6167
235000 2820000 620000 335000 27917 21625 6292
240000 2880000 680000 350000 29167 22750 6417
245000 2940000 740000 365000 30417 23875 6542
250000 3000000 800000 380000 31667 25000 6667
255000 3060000 860000 395000 32917 26125 6792
260000 3120000 920000 410000 34167 27250 6917
265000 3180000 980000 425000 35417 28375 7042
266500 3198000 998000 429500 35792 28713 7079

 

The Income Tax for Exceeding Annual Income up to 41,00,000/-
Monthly Salary Annual  Taxable Income  Income Tax Amount  Monthly IT Previous Tax Difference
267000 3204000 4000 431200 35933 28825 7108
270000 3240000 40000 442000 36833 29500 7333
275000 3300000 100000 460000 38333 30625 7708
280000 3360000 160000 478000 39833 31750 8083
285000 3420000 220000 496000 41333 32875 8458
290000 3480000 280000 514000 42833 34000 8833
295000 3540000 340000 532000 44333 35125 9208
300000 3600000 400000 550000 45833 36250 9583
305000 3660000 460000 568000 47333 37625 9708
310000 3720000 520000 586000 48833 39000 9833
315000 3780000 580000 604000 50333 40375 9958
320000 3840000 640000 622000 51833 41750 10083
325000 3900000 700000 640000 53333 43125 10208
330000 3960000 760000 658000 54833 44500 10333
335000 4020000 820000 676000 56333 45875 10458
340000 4080000 880000 694000 57833 47250 10583
341665 4099980 899980 699994 58333 47708 10625

 

Income Tax for Exceeding Annual Income More than 41,00,000/-
Monthly Salary Annual  Taxable Income  Income Tax Amount  Monthly IT Previous Tax Difference
342000 4104000 4000 701400 58450 47800 10650
345000 4140000 40000 714000 59500 48625 10875
350000 4200000 100000 735000 61250 50000 11250
355000 4260000 160000 756000 63000 51375 11625
360000 4320000 220000 777000 64750 52750 12000
365000 4380000 280000 798000 66500 54125 12375
370000 4440000 340000 819000 68250 55500 12750
375000 4500000 400000 840000 70000 56875 13125
380000 4560000 460000 861000 71750 58250 13500
385000 4620000 520000 882000 73500 59625 13875
390000 4680000 580000 903000 75250 61000 14250
395000 4740000 640000 924000 77000 62375 14625
400000 4800000 700000 945000 78750 63750 15000
405000 4860000 760000 966000 80500 65125 15375
410000 4920000 820000 987000 82250 66500 15750
415000 4980000 880000 1008000 84000 67875 16125
420000 5040000 940000 1029000 85750 69250 16500
450000 5400000 1300000 1155000 96250 77500 18750
460000 5520000 1420000 1197000 99750 80250 19500
465000 5580000 1480000 1218000 101500 81625 19875
470000 5640000 1540000 1239000 103250 83000 20250
500000 6000000 1900000 1365000 113750 91250 22500
600000 7200000 3100000 1785000 148750 91250 57500
700000 8400000 4300000 2205000 183750 126250 57500
800000 9600000 5500000 2625000 218750 161250 57500

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One thought on “Expected Income Tax Slabs 2024-25 and Difference of Old and New Tax (Employees)”

  1. Muhammad Shafique · Edit

    What a joke to salried class having pvt Jobs and with services for more than 55 years .now it’s time that we can get the retirment benifits of entir efforts which they put . But unfortunately rather to giving benifits govt has increased the taxes on us please look in to it and reduce taxes from age 50 and plus.

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