New Delhi, July 29 -- The last date to file your income tax returns is just two days away, with 31 July just around the corner. This calls for swift action by all eligible taxpayers, who are required to file their income tax returns by the stipulated deadline of 31 July.

If you miss this due date, you may incur financial penalties and notices under the applicable income tax provisions.

Filing your income tax return can generally become more complicated if you have generated income from a Unit Linked Insurance Plan (ULIP), due to the implications of the maturity proceeds.

Whether the maturity proceeds are tax-free or taxable depends entirely on the policy's issue date, basic details and the initial premium paid.

When you know the appli...