Punjab Government  Presents Tax-Free Budget in 2024

Punjab Finance Minister Mujtaba Shuja-ur-Rehman presented the finalized version of the budget for the fiscal year 2024-25 in the Punjab assembly’s current session. The budget allocates Rs5,446 billion for the province of Punjab alone. He started his speech by mentioning the measures that the provincial government has taken to lessen the burden on the common man. Budget for FY 2024-25 Here are some points that are worth noting from the annual budget session. No New Taxes According to the new budget, the government will not impose any new taxes this year, which is totally in contrast to the federal budget. 2. Total Allocation for Punjab The government planned the total amount for the budget, which is Rs5.446 trillion. 3. Infrastructure Expenditure The government wants to build more and make the infrastructure of pakistan strong. They want to spend 28.95% on schools, roads and buildings. 4. Increased Expenditure for Circular Debt The government is planning on increasing circular debt payments. Circular debt payments will be increased by 27% from last year. 5. Pending Debt Payments They’ve put aside 345 billion to pay old bills about wheat farming 6. Allocation for Necessities Health: Rs539 billion Education: Rs669.7 billion Building: Rs374.2 billion Local Government: Rs321.7 billion Police and Safety: Rs220 billion Agriculture: Rs117.2 billion 7. Minimum Wage According to the Punjab budget for FY 24-25, the new minimum wage for this year will be PKR 37,000. 8. Pay Raise Government workers are up for a huge raise. Those in lower positions could get up to 25% raise in their pay, while those in higher positions might get 20% raise. Also, retired government workers are getting 25% more in pension funds.. Some salient features of the planned budget 24-25

Punjab Finance Minister Mujtaba Shuja-ur-Rehman presented the finalized version of the budget for the fiscal year 2024-25 in the Punjab assembly’s current session. The budget allocates Rs5,446 billion for the province of Punjab alone. He started his speech by mentioning the measures that the provincial government has taken to lessen the burden on the common man. 

Budget for FY 2024-25

Here are some points that are worth noting from the annual budget session.

1.No New Taxes

According to the new budget, the government will not impose any new taxes this year, which is totally in contrast to the federal budget.

2. Total Allocation for Punjab

The government planned the total amount for the budget, which is Rs5.446 trillion.

3. Infrastructure Expenditure

The government wants to build more and make the infrastructure of pakistan strong. They want to spend 28.95% on schools, roads and buildings. 

4. Increased Expenditure for Circular Debt

The government is planning on increasing circular debt payments. Circular debt payments will be increased by 27% from last year. 

5. Pending Debt Payments

They’ve put aside 345 billion to pay old bills about wheat farming

6. Allocation for Necessities 

  • Health: Rs539 billion
  • Education: Rs669.7 billion
  • Building: Rs374.2 billion
  • Local Government: Rs321.7 billion
  • Police and Safety: Rs220 billion
  • Agriculture: Rs117.2 billion

7. Minimum Wage

According to the Punjab budget for FY 24-25, the new minimum wage for this year will be PKR 37,000.

8. Pay Raise

Government workers are up for a huge raise. Those in lower positions could get up to 25% raise in their pay, while those in higher positions might get 20% raise. Also, retired government workers are getting 25% more in pension funds..

Some salient features of the planned budget 24-25: 

Calculate taxes on your salaries automatically through the BlogPakistan Tax Calculator.

#Income Per Year (2023-24)Tax Rate (2023-24)Income Per Year (2024-25)Tax Rate (2024-25)
Equal or below Rs. 600,0000%Equal or below Rs. 600,0000%
Rs. 600,000 to Rs. 1,200,0002.5% on amount exceedingRs. 600,000Rs. 600,000to Rs. 1,200,0005% on amount exceedingRs. 600,000
Rs1,200,000 to Rs2,400,000Rs15,000 + 12.5% onamount exceeding Rs. 1,200,000Rs1,200,000 to Rs2,200,000Rs30,000 + 15% onamount exceeding Rs. 1,200,000
Rs. 2,400,000 to Rs. 3,600,000Rs. 165,000 + 22.5% on amount exceeding Rs. 2,400,000Rs. 2,200,000 to Rs. 3,200,000Rs. 180,000 + 25% on amount exceeding Rs. 2,200,000
Rs3,600,000 to Rs6,000,000Rs. 435,000 +27.5% onamount exceeding Rs. 3,600,000Rs. 3,200,000 to Rs. 4,100,000Rs. 430,000 +30% on amount exceeding Rs. 3,200,000
Beyond Rs. 6,000,000Rs. 1,095,000 + 35% onamount exceeding Rs. 6,000,000Taxable income exceedsRs. 4,100,000Rs. 700,000 + 35% onamount exceeding Rs. 4,100,000

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