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Revision as of 06:42, 5 August 2026
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(iv) All unaccounted income should be declared. If such a disclosure was developed before its detection your Income Tax Department, the chances of being trapped from a tax raid are minimized.
Now we calculate if there is any income tax due. Assuming for one time that a single income exists, we calculate taxable income using the cash in on the business ($20,000) and subtract standard model deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the additional income tax due for task would be $1,099. So, the total tax bill for this taxpayer very well be $1,099 + $3,060 to acquire a total of $4,159.
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