Question
“Mr. Shadab Khan is 67 years old and his taxable salary for the tax year 2009 is Rs. 300,000. Discuss that whether he is entitled for the tax credit of 50% being a senior citizen and justify your answer according to the law.”
Answer
Mr. Shadab Khan is entitled for tax credit up to 50 % of tax liability because of below mentioned law: Senior citizen-age 60 years &above where taxable income not exceeding Rs.400,000/- tax liability reduced by 50%.
Answer
Mr. Shadab Khan is entitled for tax credit up to 50 % of tax liability because of below mentioned law: Senior citizen-age 60 years &above where taxable income not exceeding Rs.400,000/- tax liability reduced by 50%.
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