Satisfied with the direct tax collections for the first quarter and confident of achieving the set targets, tax authorities are in the seventh heaven.
For the financial year 2006-07 (Asstt. year 2007-08), all non-corporate taxpayers, salaried persons, pensioners, professionals/self employed taxpayers with turnover below the tax audit limits have to file returns by July 31.
With the introduction of new annexure less ITR forms by the government, the complications for the taxpayer has increased rather than reducing.
With the government still unclear about the final tax treatment of the periodic payments received by the borrower under a reverse mortgage scheme, many banking companies and especially the senior citizens (users for the product) are in a state of dilemma.