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1. Last date of filing the belated return is 31st March 2008 and beyond which the return would attract a penalty of Rs. 5,000/-

2. For the Assessment Year 2008-09 last date for filing the return of Income is 30th September for the assessee whose accounts are audited or the assessee is a Company. In other cases 31st July.

3. Income Tax Rate for the Assessment Year 2008-09 (For Individual Man and HUF) * 1.1 Lakh to 1.5 : 10% * 1.5 to 2.5 : 20% * 2.5 to above : 30% Except (For Individual Woman) * 1.45 to 1.5 : 10% (For Senior Citizen) * 1.95 to 2.5 : 20% + Education Cess 2% + S.H.E.C 1% (Surcharge 10% if income is more than 1 crore)

4. Firms and Domestic Company : 30% + Education Cess 2% + S.H.E.C 1% (Surcharge 10% if income is more than 1 crore)

5. Banking Cash Transaction Tax has been withdrawn after 31st March 2009.

6. Interest on borrowed capital paid during the previous year for a residential house is deductible upto Rs. 1,50,000 ( One Lakh Fifty Thousand Only ).

Wealth Tax
» 1% of the amount by which net wealth exceeds Rs. 15,00,000/-.

Gift Tax
» No tax if gift is upto Rs. 50,000/- from any person.

Service Tax
» Upto Rs. 10 Lakhs there is no service tax liability.

» The annual turnover limit for obtaining registration has been increased from 7 lakh to 9 lakh w.e.f. 1st April, 2008.

Sales Tax
» C.S.T. Reduced to 2% from 3% w.e.f. Ist June, 2008

Direct Taxes
» Short-term capital gains tax hiked to 15% o Securities Transactions Tax unchanged.

» Threshold exemption limit increased from 1,10,000 to 1,50,000 o Exemption limit for women increased to 1,80,000 o Exemption limit for senior citizens up from 1,95,000 to 2,25,000. New Tax Slabs for Assessment Year 2009-10.

» 1.5 lakh to 3 lakh: 10% o 3 lakh to 5 lakh: 20% o 5 lakh and above: 30% Indirect Taxes.

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