The Direct Tax Code (DTC) is here and will take effect from April 1, 2012. The DTC brings with it a host of new changes to the tax code and it is time you get to know how it could impact your investments, savings and taxes. In this first part of the series we will see the basic changes to the tax slabs and changes to the deductions.
July 31 is fast approaching and its the time for tax payers to file IT- returns, Its compulsory for any person to file whose gross total income exceeds the basic exemption limit. This year the exception limit has been increased see ” New Income Tax Rates and Slabs“. You should file your return even if you do not have to pay any tax and even if your employer has paid yours in advance. We can discuss some of the things that you should keep in mind before filing the returns to avoid confusions.