FIN623 GDB Solution
FIN623 GDB Solution
FIN623 GDB Solution
Discussion 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. ”
Solution:
Mr. Shadab khan is a senior citizen as his age is above 60 years and his taxable
income of Rs. 300,000 is not exceeding Rs. 500,000/-, therefore he is entitled to
receive a tax credit of 50%.