10-28-2011, 08:02 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by LapTop</i>
<br />ji bilkul,,,
app rental income par Senior Citizen rebate nahi lay sakty.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
The answer that one is not entitled to senior citizen rebate on tax deducted from his rental income might be right at the time when this answer was given by Mr. Laptop i.e. in June 2010. At that time according to sub-section (2) of s.155, tax deducted at source u/s 155 was final tax.
However with effect from July 2010, sub-section (2) of s.155 has been omitted hence, in my opinion, income from property no longer falls within final tax regime, and consequently, senior citizen rebate is allowed on it, since last tax year.
Even otherwise, what is exempt from rebate is "income on which deduction of tax is final" . Hence where tax from rental income is not deductible at source and one pays tax on income from property along with the return in accordance with s.15, in such case I could not find any thing in the Ordinance, that says that such tax was final tax. So in any case tax payable with return has been subject to senior citizen concession at all times.
Whether FBR has provided for this situation in its return or not is a different matter.
<br />ji bilkul,,,
app rental income par Senior Citizen rebate nahi lay sakty.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
The answer that one is not entitled to senior citizen rebate on tax deducted from his rental income might be right at the time when this answer was given by Mr. Laptop i.e. in June 2010. At that time according to sub-section (2) of s.155, tax deducted at source u/s 155 was final tax.
However with effect from July 2010, sub-section (2) of s.155 has been omitted hence, in my opinion, income from property no longer falls within final tax regime, and consequently, senior citizen rebate is allowed on it, since last tax year.
Even otherwise, what is exempt from rebate is "income on which deduction of tax is final" . Hence where tax from rental income is not deductible at source and one pays tax on income from property along with the return in accordance with s.15, in such case I could not find any thing in the Ordinance, that says that such tax was final tax. So in any case tax payable with return has been subject to senior citizen concession at all times.
Whether FBR has provided for this situation in its return or not is a different matter.
