How do I … i have received notice for short payment of tax, but there computation is wrong, what do i do ?

in my return i had taken x amount of short term capital gain, which they have seemingly taken up at full rate tax, thus giving short tax notice
When i have checked i found that i have undercalculated my regular income tax by 10k and for short term capital, taken wrong amount and thus paid excess tax, net net i need to pay only 5k plus interest extra, what procedure do i use to sort this?

LIC policy not claimed within due date?

What happens if the LIC policy is not claimed within due date? Will it be cancelled?

For eg, if the due date is = 5th October and you do not claim it, and after that you get another notice to claim within 15th October. What will happen if i do not claim even after 15th October? Will i be able to get another one month time.

what is loan defaulting or mortgage defaulting?

Real Estate Agent's usually refer to it as an NOD (Notice of Default) and basically that means that the owner of the home has basically stopped making mortgage payments or is paying very late. Basically the home is about to be in foreclosure, you should try having a short sale before the bank takes the home away. Short sales are basically a sale that has to be approved by the bank. This will look better on your credit report than a foreclosure. Foreclosures will stay on your credit for 10 years and Short Sales stay for about 2-3 years.