In an effort to meet the revenue targets, the Income Tax (I-T) department will be sending letters to 2.3 million assessees who have not filed returns. It has already issued letters to 2.45 million individuals.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns. Wrong notion; even when the I-T department sends a notice in this regard, you should promptly respond.
If you have a view on interest rates, that is, if you feel they are either headed up or down, you now have the option of participating in the fixed income market by investing less than Rs 10,000. Thanks to the new Interest Rate Futures (IRFs)