Don t Panic If Tax Department Raids You: Difference between revisions

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Revision as of 07:44, 11 November 2024

Through the proposed DTC / GST legislations, federal government has acknowledged the necessity of new revenue system however the proposed new laws apparently appear pertaining to being even complex then existing one.

You had not committed fraud or willful xnxx. Cannot wipe out tax debt if you filed a false or fraudulent tax return or willfully attempted to evade paying taxes. For example, advertising under reported income falsely, you cannot wipe the debt after getting caught.

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What is the rate? In the rate or rates enacted by Central Act great Assessment Tax year. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable to the tax payer.

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