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Quick Summary
Filing Taxes Late and Late Fees If you file your tax return after the due date, it could be considered late filing. You might have to pay a late fee as per Section 234F. However, if you originally filed your return on time (by July 31st) and verified it within 30 days of e-filing, you can still r
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FAQ :
Filing your tax return after the due date may result in a late fee under Section 234F. However, if you filed on time and verified it within 30 days, you can revise it later, with the deadline being December 31st.
Yes, losses from options trading, treated as business income, can be offset against short-term gains from stocks and mutual funds. Unused losses can be carried forward for up to eight financial years.
Besides existing PPF accounts, consider recurring deposits, fixed deposits, child plans, Sukanya Samriddhi Yojana, mutual funds, and stocks. For better returns to combat education inflation, mutual funds or stocks are recommended.
Tax liability on maturity depends on the investment chosen and the tax regime. It's advisable to consult a tax expert to understand the specific tax implications for both you and your grandchildren.
You can revise a return filed on time by December 31st. Additionally, previous returns can be updated within 24 months of the assessment year if it leads to additional tax payment, but not for claiming refunds.
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