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FIN623 GDB Solution

Mr. Shadab Khan is 67 years old and earned a taxable salary of Rs. 300,000 for the tax year 2009. As a senior citizen over 60 years old with taxable income not exceeding Rs. 500,000, he is entitled to receive a 50% tax credit according to the law.

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302 views1 page

FIN623 GDB Solution

Mr. Shadab Khan is 67 years old and earned a taxable salary of Rs. 300,000 for the tax year 2009. As a senior citizen over 60 years old with taxable income not exceeding Rs. 500,000, he is entitled to receive a 50% tax credit according to the law.

Uploaded by

Power Girls
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Semester “Spring 2010”

“Taxation Management (FIN623)”

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%.

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