ISLAMABAD: Senior citizens to avail 50% tax rebate in payable income

Federal Board of Revenue (FBR) on Friday announced that senior citizens over the age of 60 years are entitled to claim 50 percent rebate in the payment of tax outstanding against them. The FBR has clarified that this facility is available to all senior citizens under section 53(1) c and clause 1A of Part-III of the second schedule of the Income Tax Ordinance, 2001, which clearly provides that “where the taxable income, in a tax year, of a taxpayer aged 60 years or more, his tax liability on such income shall be reduced by 50 percent”. The facility is also available in case a tax has already been paid at any stage by senior citizens who can claim the refund while filing their annual tax returns.

http://www.dailytimes.com.pk/default.asp?page=2010\04\24\story_24-4-2010_pg5_4

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    • in order to gain this concession of 50% the income should not be more than 10 lacs.if it exceeds 10 lacs there will be no tax rebate for them…

    • the income must be in between 4 lac and 10 lac .if income is more then 10 lac he can not claim 50% rebate