Senior citizens can avail 50pc tax rebate in payable income, says FBR
Senior citizens over 60 years of age are entitled to claim 50 per cent rebate in the payment of tax outstanding against them.
In a press statement, 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 on the first day of that tax year does not exceed seven hundred fifty thousand rupees (Rs. 750,000/-), his tax liability on such income shall be reduced by 50%”.
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. For further guidance and facilitation, the taxpayers can visit FBR’s website or contact helpline staff on 051-111-227-227 and 0800-00227 during the working hours.