The new financial year has began. Few weeks back many of us were scrambling to make last minute tax saving investment. This year save yourself from making impulsive tax saving decisions, plan ahead and relax. Here is what you should do for your Tax Planning for FY 2010-2011.
Yes, you read it right! If the new Direct Tax Code Bill 2009 is passed by the Parliament in the winter session, paying 10% tax on income upto Rs.10 lacs, could be a reality very soon.
Some one had once said “the best things in life are free, but sooner or later the government will find a way to tax them”. Over the past few years, the Government has steadily whittled down tax exemptions available to the common man. Thankfully, there are some still available that allow deductions from our gross income.