Archive | Tax Law

Senior citizens can avail 50pc tax rebate in payable income, says FBR

Posted on 12 June 2010. Tags: Senior citizens law, Tax Rebates

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.

23042010taxrebate%20 Senior citizens can avail 50pc tax rebate in payable income, says FBR

Posted in Tax Law

Federal Budget 2010-11

Posted on 12 June 2010. Tags: Budget 2010-11, Customs, Customs Act, Federal budget, Federal Excise Notifications, Finance Bill, Income tax, Notes on Clauses, Sales Tax, Sales Tax and Federal Excise, Salient Features

Federal Budget 2010-11,Government of Pakistan of Pakistan, Federal Board of Revenue

Finance Bill 2010-11

Finance Bill

Notes on Clauses

Salient Features

Customs

Income Tax

Sales Tax and Federal Excise

Amendments in Customs Tariff

Amendment in the Frist Schedule (Tariff) to the Customs Act

Customs Notifications / SROs

SRO #	Title
S.R.O.391(I)/2010	S.R.O 391(I)/2010 is an amending notification of S.R.O 567(I)/ 2006, Dated 5/6/2006
S.R.O.392(I)/2010	S.R.O 392 is an amending notification of S.R.O 565(I)/2006, Dated 5/6/2006
S.R.O.393(I)2010	S.R.O 393 is an amending notification of S.R.O 1261(I)/2007, Dated 31/2/2007
S.R.O.394(I)2010	S.R.O 394 is an amending notification of S.R.O 575(I)/2006, Dated5/6/2006

Sales Tax/Federal Excise Notifications

SRO #	Title
S.R.O.395/2010	Amendment in S.R.O 644(I)/2007, Dated 27/6/2007
S.R.O.396/2010	Amendment in S.R.O 313(I)/2006, Dated 31/3/2006
S.R.O.397/2010	Amendment in S.R.O 69(I)/2006, Dated 28/1/2006
S.R.O.398/2010	Amendment in Sales Tax Procedure Rules 2007
S.R.O.399/2010	Rescinding in S.R.O 650(I)/2005, Dated 1/7/2005