Karachi, September 4, 2024 – The Federal Board of Revenue (FBR) has released the salary tax card for the tax year 2024-25, offering a relief to salaried individuals by exempting annual incomes up to Rs 600,000 from income tax. This move, aimed at easing the financial burden on lower-income earners, is part of a broader set of tax reforms introduced by the FBR. According to the newly issued withholding tax card, individuals earning up to Rs 600,000 annually will not be liable to pay any income tax for the current fiscal year. For those earning above the exempted amount, the FBR has outlined a progressive tax structure: 1. Income Between Rs 600,000 and Rs 1.2 Million: Salaried individuals with an annual income exceeding Rs 600,000 but not exceeding Rs 1.2 million will be taxed at 5% on the amount above Rs 600,000. This means if your income is Rs 1 million, your tax liability will be Rs 20,000 (5% of Rs 400,000). 2. Income Between Rs 1.2 Million and Rs 2.2 Million: For those whose income falls between Rs 1.2 million and Rs 2.2 million, a fixed tax of Rs 30,000 will be applied, plus 15% on the amount exceeding Rs 1.2 million. For example, an income of Rs 1.5 million will incur a tax of Rs 75,000 (Rs 30,000 + 15% of Rs 300,000). 3. Income Between Rs 2.2 Million and Rs 3.2 Million: A fixed tax of Rs 180,000 will be levied on individuals earning between Rs 2.2 million and Rs 3.2 million, along with 25% on…