First, let's start by assessing your income tax liability. Once you have identified your tax liability, you can then create the right plan. Please note that this applies only to salaried individuials.

Following rates are applicable for computing tax liability for the current Financial Year ending on March 31 2007, (Assessment Year 2007-08).

For Resident Male Individuals below 65 years of age and HUFs

For Resident Women below 65 years of age

For Resident Senior Citizens (who are 65 years or more at any time during the Financial Year 2007-08)

The rules for “Senior Citizen” are the same as for ‘Men’ as well as ‘Women’. Any person who turns 65 on any day prior to or on March 31, 2008 will be treated as a Senior Citizen.

Tax Liability

Filing of Income Tax Return

1. Filing of income tax return is compulsory for all individuals whose gross annual income exceed the maximum amount which is not chargeable to income tax i.e. Rs. 1,45,000 for Resident Women, Rs. 1,95,000 for Senior Citizens and Rs. 1,10,000 for other individuals and HUFs.
2. The last date of filing income tax return is July 31, in case of individuals who are not covered in point 3 below.
3. If the income includes business or professional income requiring tax audit (turnover Rs. 40 lakhs), thelast date for filing the return is October 31.
4. The penalty for non-filing of income tax return is Rs. 5000. Long term capital gain on sale of shares and equity mutual funds if the security transaction tax is paid/imposed on such transactions.

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