Tax: senior citizens.
I AM a 77 years old senior citizen, whose only source of income is the house rent of the ground floor of my house. My house is rented for Rs70,000 per month, that comes to Rs840,000 yearly.
Last year the Federal Board of Revenue's IRIS (e-filing of income tax returns) system calculated my final tax to be paid at Rs24,000. I was surprised and called the FBR helpline. The person who attended the call told me that on rental income the tax slab up to Rs200,000 tax is zero per cent and from Rs200,000 to Rs600,000 it is 5pc of rental income and after Rs600,000 tax is 10pc.
There is no rebate for the renovation of house, property tax paid and the 50pc tax rebate for senior citizens, as all above-mentioned...
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