As name itself suggests, this scheme is only for the senior citizens. The account may be opened by an individual, who has attained age of 60 years or above on the date of opening of the account. The account may also be opened by those who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account or within three months from the date of retirement.
Why is tax planning necessary ? The tax paid is an addition to the cost. Just as every businessman tries to maximise his profit by reducing the cost, he should also arrange his affairs in such a way, that he pays the least amount of tax.
The Notification No. 12/2015-C.E(N.T) dated 30.04.2015 has created a havoc in the industry as to what to do with the unutilized Cess lying as on 28.02.2015 i.e before 01.03.2015.
Upto 31/3/2005 (subject to fulfilling other conditions), deduction under Section 80IB(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under DC Rules/ Regulations framed by the respective local authority.
