PTI & Ishaq Dar’s Meeting on Standing Committee Distribution Ends Inconclusively

Lastly, a 35% tax will be levied on annual salaries exceeding Rs 41 lakh, marking the highest tax bracket.

Islamabad A crucial meeting between PTI representatives and Leader of the House, Deputy Prime Minister Ishaq Dar, regarding the distribution of standing committees concluded without a resolution.

The PTI delegation, including Shibli Faraz and parliamentary leader Barrister Ali Zafar, convened with Ishaq Dar in the Senate to discuss the division of standing committees. However, despite deliberations, no agreement was reached.

While both PTI and the government team agreed to reconvene today for further discussions, Senator Ali Zafar emphasized the importance of adhering to rules in the division of standing committees, expressing hope that their demands would be met.

Major changes in income tax rates unveiled in fiscal Year 2024-25 Budget

Significant alterations in income tax rates have been introduced in the budget for the upcoming fiscal year 2024-25, affecting various income brackets across the salaried class.

The budget exempts individuals with a monthly income of Rs 50,000 from income tax, providing relief to lower-income earners. Moreover, the income tax rate for those earning between Rs 6 lakh and Rs 12 lakh per annum has been slashed to 5%, along with a reduction to 5% for monthly incomes up to Rs 1 lakh, while the monthly tax rate has surged from Rs 1250 to Rs 2500.

Further, individuals falling within the income bracket of Rs 12 lakh to Rs 22 lakh annually will face a reduced tax rate of 15%. However, those earning Rs 1 lakh 83 thousand 344 rupees per month will be subjected to a 15% income tax, with their monthly tax burden increasing from Rs 11,667 to Rs 15,000.

Read More: Tax Calculator for Salaried Income after Budget 2024-25

For those with an annual income ranging from Rs 22 lakh to Rs 32 lakh, a tax rate of 25% has been imposed. Correspondingly, the tax on a monthly salary of Rs 2 lakh 67 thousand 667 has been reduced to 25%, yet their monthly tax liability has surged from Rs 28,770 to Rs 35,834.

Individuals earning between Rs 32 lakh to Rs 41 lakh annually will face a 30% tax rate, with their monthly tax burden increasing from Rs 47,408 to Rs 53,333 for salaries up to Rs 3 lakh 41 thousand 667 per month.

Lastly, a 35% tax will be levied on annual salaries exceeding Rs 41 lakh, marking the highest tax bracket.