Dear All,
I have below queries regarding INcome Tax to be paid and few more…. Could you please help me in clarifying these…
1. Capital Gains on Tax Saving Mutual Funds : Do we need to pay tax on the amount appreciated for tax saving Mutual Funds, once the Funds are out of 3 yr lock in period and we opt to redeem them?
2. Capital Gains on Open-Ended Mutual Funds : What is pattern here?
Do we need to pay tax on the amount appreciated if we redeem before one year and any amount redeemed after one year in NON_TAXABLE??
3. Capital Gains on Shares : If we sell our shares before one year we need to show/pay tax as per our tax slabs…. NOW, what happens if we don’t show the capital gains (a very small capital gains in my case though, 2000-3000).
4. I have read that 1 Penalty of Rs.200 per day shall be levied for delay in furnishing TDS return.
Sorry for the exhaustive list but i want to get these things clarified.