With the due date of July 31 fast approaching, it is that time of the year again when the nation’s tax payers scramble to file I-T returns. After
all, filing of tax return is compulsory for everyone whose gross total income exceeds the basic exemption limit.
For financial year 2007-08, for instance, the basic exemption limit was Rs 1.45 lakh for women below 65 years of age, Rs 1.95 lakh for senior citizens and Rs 1.10 lakh for any other individual. However, for financial year 2008-09, the limit has been... (more)