Calculate Monthly & Annual Income Tax Deduction from Salary - FBR Section 149
First Rs. 600,000 of annual salary is completely tax-free for salaried individuals as per FBR regulations.
Conveyance allowance (up to Rs. 3,000/month) and medical allowance have specific exemption limits.
5% additional tax applies if annual salary exceeds Rs. 6 million to support social welfare programs.
Investments in approved schemes and proper documentation can help reduce your overall tax liability.
The first Rs. 600,000 of annual salary is completely tax-free for salaried individuals in tax year 2024.
Conveyance allowance up to Rs. 3,000 per month is 50% exempt. The remaining 50% is taxable.
A 5% surcharge applies if your annual salary exceeds Rs. 6 million. This is in addition to the regular income tax.
Yes, bonuses and incentives are fully taxable and added to your annual income for tax calculation.
Yes, investments in approved schemes like shares, mutual funds, and life insurance can be deducted from taxable income.
Medical allowance up to 10% of basic salary is exempt if actual medical expenses are provided. Otherwise, it's fully taxable.
Income from all employment sources is aggregated for tax calculation. You must declare all income sources.
Employers must deduct tax at source each month and deposit it with FBR by the 15th of the following month.