What the Tax Code Means to you

The draft direct tax code, if implemented in its current form, promises to be a game changer for individual taxpayers as well as for personal financce.

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CBDT, tax tools make e-filing of I-T returns simpler

To aid taxpayers, several websites have also mushroomed which offer useful tools for e-filing. Some of these are,,,, and

The 2008 Tax Guide

Jain says deduction under 80C should be treated as more than just a tax-saving exercise. "Many people just dump their money in insurance or PPF, without taking into account returns and their future cash-flow requirements. That's a bad strategy. Treat the leeway under 80C as a portfolio of investments with the desired level of liquidity," he says.

Other sections can be advantageous to you if you are eligible for them. Under Section 80D, for example, deduction of medical insurance premium has been enhanced this year by Rs 5,000 to Rs 15,000 (to Rs 20,000 for senior citizens).

10 Resolutions for the new financial year

One may argue that it is pointless to store utility bills that have been paid. “But this simple act could organize life beyond your imagination,” says Deepak Jain, CEO of etaxesindia, a personal-finance portal. “Records help us remember important things about what we owe and own. They can help us manage and track our everyday finances, future aspirations as well as handle emergencies efficiently. Important records may also help protect us in legal and financial matters.”

Tax help on the Web
Started by a group of chartered accountants and a technology services company, its services include salary structuring, tax planning and e-filing of tax returns as well as a news service about I-T notifications. It also offers financial planning services such as information of various products, tax and equated monthly instalment (EMI) calculators.

In LokSatta

The year that changed investing in Business Today Sponsors HR Summit 2008 in IMI

Every panel discussion concluded with interactive Q&A sessions. Apart from the panel discussions day one saw first round of the student competition- Tantra the paper presentation. The event received several entries from all over India. The best entries were chosen by HDFC Insurance from the leading B schools which made their presentations. The event was sponsored by ONGC (title sponsor), Hay Group (student competition partner), MBA Universe (media partner) and (magazine and kit sponsor).

Video in Youtube Sponsors HR Summit 2008 in IMI


The law says if you missed the deadline of 31st July you wont be able to take benefits of carry forward or set of losses against your income. You wont be able to revise your return if you missed any information which needed to be furnished. Also if there is any tax liability arised you would be charged 1% per month on the total tax liability outstanding.

So if you have a tax return with no tax liability or tax refund so just chill pill!!!. You can file your tax returns till 31st March 2009. But if you miss this deadline then ITO may penalize you with Rs 5,000 as penalty for non filing of tax returns, if the reason is not met for non filing.


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Tax Returns, Income Tax Returns, Income Tax, Tax Deductions, eFiling, E return, Tax Planning, Form 1, Form 2,,,, Tax Benefits, IT Returns, Online Tax Returns, Tax Filing