Prajna Capital - An Investment Guide

The procedure and some deductions available while arriving at taxable income The time to file income tax returns is coming nearer. July 31 is the last date to file IT returns for individuals. The return has to be filed for the previous year - 1.4.2007 to 31.3.2008. So the transactions should have taken place during that period only. Any subsequent transactions will be taken into account during the next year - 2008-09. It is time to compute your taxes and pay off any outstanding dues. This can be done before the date of filing of the returns. It is of utmost importance that one uses the correct form, as is applicable to him. In a radical change from the past, no document (including TDS certificate) should be attached to this form. Officials receiving the returns have been instructed to detach all documents enclosed with this form and return them to the assessee. The forms can be submitted to the Income Tax Department through any of these methods: • By furnishing the returns in a pape...

It's that time of the year again. You knew all along that it would come, whether you ignored or waited for it. The pages of the calendar have turned and you can hear colleagues waking up to it. And you know you can't run away from it any more. We are talking about 31 July, the day we are reminded of our bondage, the price we have to pay for many of the good things in our life. This happens to be the last day for filing income tax returns for all salaried Indians, be they resident or non-resident. Of course, you must have done everything legally possible to maximise your freedom from this bondage called tax. But then, the law permits you only that much. The rest, as they say, is illegal. You might also have wondered about the word return being used for an outgo. Maybe it's because governments always want citizens to see things from their point of view, perhaps for the larger good. Filing of tax is compulsory for everyone whose gross total income - the income under the five h...