BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Within thirty (30) days from the date of death
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Within six (6) months from the date of death
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Within one (1) year from the date of death
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Within two (2) years from the date of death
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Detailed explanation-1: -Generally, the estate tax return is due nine months after the date of death. A six month extension is available if requested prior to the due date and the estimated correct amount of tax is paid before the due date. The gift tax return is due on April 15th following the year in which the gift is made.
Detailed explanation-2: -After you have filed your IT returns and verified the same, income tax refund time taken is usually 20-45 days after ITR has been processed. If it takes longer, you should follow up with the Centralised Processing Centre (CPC).
Detailed explanation-3: -The due date of the estate tax return is nine months after the decedent’s date of death, however, the estate’s representative may request an extension of time to file the return for up to six months.