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Anomaly in income-tax exemption relief
March, 04th 2008

Normal retirement age for persons is 60 years. The Railways considers the age of 60 as senior citizen. Under the income-tax saving scheme 2004, senior citizen is above 60 years. Only under income-tax exemption limit, the senior citizen is above 65 years. What is the logic? Due date of submission of return of income and fringe benefit tax have been changed from October 31 to September 30 with effect from the assessment year 2008-09. It is important to note that books of ac counts should be ready by one month earlier as compared to last year. This upsets the concept of half year reporting. What is the big advantage in preponing? Why harass the lakhs of accounting staff of companies and auditors?

B.V. Rao, Bangalore.

 
 
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