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The markets lost about 30% in just 15 trading sessions and most mutual funds had recorded similar losses in their NAVs with some mutual funds known for their aggressive investing behavior recording upto 46% loss in their NAVs.

Though the fears of downturn in US are yet far from over, Mutual with Diversified portfolios have registered strong gains. However, some sector specific funds are yet to recoup losses. Out of sector specific funds, pharma, auto, power, banking and tech sector have registered modest gains.

Finance Minister P Chidambaram on May 16, 2007 unveiled the new Income Tax Return forms (ITR) for the assessment year 2007-08. The Central Board of Direct Taxes [CBDT] has now notified new return forms for Assessment year 2008-09.

The new return forms continue to be termed as ITR and are known to be for Return of Income/Fringe Benefits. However, on 28-3-2008 the earlier ITR forms were amended through a notification and relevant changes were made in Rule 12 of Income Tax.

Change in Tax Rates

The Finance Bill, 2008
has made significant changes to the tax rates applicable to an individual,
Hindu Undivided Family, association of person and body of individuals whether
incorporated or not and every artificial juridical person. The threshold limit
for these entities has been increased from Rs. 1,10,000 To Rs. 1,50,000. The
tax rate applicable for income exceeding Rs. 1,50,000 to Rs. 3,00,000 shall be
10 per cent and for income exceeding Rs. 3,00,000 to Rs. 5,00,000 shall be 20

Each partner is allowed to charge interest on the amounts loaned by him to the firm. This interest paid by the firm is deductible expenditure while computing taxable profits.

Beginning 1st April, 2008, Government of India has made it mandatory for corporate Assessee to make e-payment of direct taxes. Besides corporate, assessees subject to Tax Audit would also be required to make e-payment of direct taxes.

These assessees would be required to make electronic payment through internet banking facility offered by any authorized bank. Alternatively, such payment can be made using credit or debit cards for making e-payment. As on date, about 22 banks are authorized to offer e-payment facility through Internet banking accounts.

After crossing 20000 levels, Sensex is hovering around 14000 levels in a short span of about 2 months; one of the steepest falls seen in the history. It is touted as one of the worst financial crisis after independence in the history of share markets.

The root cause of this fall is said to be the sub-prime crisis in US, which has triggered the fall. This crisis has seen many banks failing since the 1930s. The crisis is being attributed to bad lending, bundling of mortgages leading to financial crises.

Did you fail to deduct TDS at source, or deposit the income tax correctly or made a mistake filing the return? Under the provisions of Income Tax Act, while an Assessee is supposed to pay regular income tax due, he is also made to pay penalty for such default.

Under the provisions of section 147 of the Income-tax act, 1961, Income Tax Officer can reopen the case to tax the income that escaped taxation. The essential prerequisite of this re-opening is that Assessee should have omitted to disclose some primary facts.