Clarification on Tax Credit under Senior Citizens Act

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BIR REVENUE MEMORANDUM CIRCULAR NO. 35-97: Clarification on Tax Credit under Senior Citizens Act

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Title Source: Supreme Court: Clarification on Tax Credit under Senior Citizens Act

Law: Bir Revenue Memorandum Circular No. 35-97

Decision Date: Nov 21, 1997

BIR Revenue Memorandum Circular No. 35-97 clarifies that the "discount" for senior citizens under the Senior Citizens Act is a deduction from gross income rather than a tax credit, suggesting an amendment to the law to eliminate confusion.

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