The July 31 deadline for filing tax returns is only two days away. If you have not filed your returns yet, you should scramble and do so post-haste as there is a cost attached to not filing your returns on time. If you file your return after the due date and later discover that you have made a mistake in the filing, you will not be allowed to revise your filing. The income tax (I-T) department could also penalise you for incorrect filing. A tax payer is entitled to carry forward his losses from business or profession, capital losses, etc. This will not be ...
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