FBR Income Tax Card 2024
✔ Salaried tax slabs
✔ Business/AOP tax slabs
✔ Turnover tax
✔ Agriculture Income Tax (Punjab + Federal)
📌
FBR Income Tax Card – Tax Year 2024
The Federal Board of Revenue (FBR) has issued the Income Tax Rates for Tax Year 2024, applicable from 1 July 2023 to 30 June 2024.
This post includes:
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Salaried person tax slabs
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Business individuals/AOP tax slabs
-
Companies tax rate
-
Turnover tax
-
Property-related tax
-
Withholding tax
-
Agriculture income tax (Punjab + Federal)
📘 Income Tax Rates – Salaried Individuals (Tax Year 2024)
Salary tax applies when salary income is more than 75% of total income.
Salary Tax Slabs 2024
| Taxable Annual Income | Tax Rate |
|---|---|
| Up to Rs. 600,000 | 0% |
| Rs. 600,001 – 1,200,000 | 7.5% of amount exceeding 600,000 |
| Rs. 1,200,001 – 2,400,000 | Rs. 45,000 + 15% of amount above 1.2M |
| Rs. 2,400,001 – 3,600,000 | Rs. 225,000 + 20% of amount above 2.4M |
| Rs. 3,600,001 – 6,000,000 | Rs. 465,000 + 25% of amount above 3.6M |
| Above 6,000,000 | Rs. 1,095,000 + 35% of amount above 6M |
📘 Tax Rates for AOP & Business Individuals
| Income Slab | Tax Rate |
|---|---|
| Up to Rs. 600,000 | 0% |
| Rs. 600,001 – 800,000 | 15,000 (Minimum) + 7.5% |
| Rs. 800,001 – 1,200,000 | 75,000 + 15% |
| Rs. 1,200,001 – 2,400,000 | 315,000 + 20% |
| Rs. 2,400,001 – 3,000,000 | 465,000 + 25% |
| Rs. 3,000,001 – 4,000,000 | 765,000 + 30% |
| Above 4,000,000 | 1,215,000 + 35% |
📘 Turnover Tax – Section 113 (Tax Year 2024)
| Business Category | Minimum Tax (ATL) |
|---|---|
| General businesses | 1.25% |
| Distribution, Manufacturers (Corporate) | 0.25% – 0.75% |
| Oil refineries, oil marketing companies | 0.5% |
| Rice mills, flour mills, distributors | 0.2% – 0.1% |
Turnover tax applies if net income tax is less than minimum tax.
📘 Agriculture Income Tax (Punjab – 2024)
(As per Punjab Agricultural Income Tax Act)
| Annual Agriculture Income | Tax Rate |
|---|---|
| Up to Rs. 400,000 | Exempt (0%) |
| Rs. 400,001 – 800,000 | Rs. 1,000 |
| Rs. 800,001 – 1,200,000 | Rs. 3,000 |
| Rs. 1,200,001 – 2,400,000 | 5% of amount exceeding 1.2M |
| Rs. 2,400,001 – 4,800,000 | Rs. 60,000 + 10% of amount exceeding 2.4M |
| Above 4,800,000 | 15% of amount exceeding 4.8M |
📘 Agriculture Income Tax (Federal – FBR 2024)
Federal government taxes agriculture income only for rate calculation (not collected).
Formula:
Tax on Total Income – Tax on Agriculture Income
= Actual federal tax payable.
📘 Property / Immovable Property Tax Rates (2024)
Buying Property – Section 236K
| Purchaser Status | Tax Rate |
|---|---|
| ATL | 3% of FMV |
| Non-ATL | 10.5% of FMV |
Selling Property – Section 236C
| Holding Period | Tax Rate |
|---|---|
| Up to 1 year | 15% |
| 1–2 years | 12.5% |
| 2–3 years | 10% |
| 3–4 years | 7.5% |
| 4–5 years | 5% |
| 5–6 years | 2.5% |
| Above 6 years | 0% |
📘 Tax on Deemed Income – Section 7E
Applies to resident persons owning capital assets above Rs. 25 million.
Rate: 1% of Fair Market Value (FMV).
📘 Income From Property (Rent) – Section 155
| Annual Rent | Company | Other Than Company |
|---|---|---|
| Any amount | 15% | 10% |
📘 Withholding Tax (Major Sections)
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153 – Services, supplies, contracts
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149 – Salary
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148 – Import
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151 – Profit on debt
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156 – Prize and winnings
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236G/H – Sales to distributors & retailers
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233 – Brokerage & commission
📌 Conclusion
FBR Income Tax Card 2024 covers all major income types including:
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Salary
-
Business
-
AOP
-
Turnover
-
Property
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Imports
-
Agriculture Income
This post helps taxpayers understand the updated rates and calculate their tax easily.
