Notification / OM No.
No. WHT-02/2024-25/27
Dated:
01-July-2024
Notification Issued By:
INLAND REVENUE
Office of the Inland Revenue Officer Withholding Taxes Unit-02,
Regional Tax Office, Bahawalpur
INLAND REVENUE
Office of the Inland Revenue Officer Withholding Taxes Unit-02,
Regional Tax Office, Bahawalpur
No. WHT-02/2024-25/27 Dated 01-07-2024
Subject: CHANGES IN TAX RATES UNDER THE FINANCE ACT 2024 IN THE INCOME TAX ORDINANCE, 2001.
Please refer to the subject cited above.
It is brought to your notice that various amendments to the Income Tax Ordinance, 2001 have been enacted through the Finance Act, 2024. The rates of withholding Tax under Section 149 on salaries have been increased, effective from July 1, 2024. The detailed changes are as follows:
Section 149
| Sr. No. | Taxable Income | Rate of Tax |
| 1 | Where taxable income does not exceed Rs. 600,000 /- | 0% |
| 2 | Where taxable income exceeds Rs 600,000 but does not exceed Rs 1,200,000 | 5% of the amount exceeding Rs, 600,000 |
| 3 | Where taxable income exceeds Rs 1,200,000 but does not exceed Rs 2,200,000 | Rs 30,000 + 15% of the amount exceeding RS. Rs 1,200,000 |
| 4 | Where taxable income exceeds Rs 2,200,000 but does not exceed Rs 3,200,000 | Rs 180,000 +25% of the amount exceeding Rs. 2,200,00 |
| 5 | Where taxable income exceeds Rs 3,200,000 but does not exceed Rs 4,100,000 | Rs. 430,000 + 30% of the amount exceeding Rs. 3,200,000 |
| 6 | Where Taxable income exceeds Rs 4,100,000 | Rs. 700,000 + 35% of the amount exceeding Rs. 4,100,000 |
Inland Revenue Officer
