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Revision as of 09:59, 14 August 2026


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(iv) All unaccounted income should be declared. If such a disclosure is conducted before its detection with the Income Tax Department, the probability of being trapped in a tax raid are decreased.

Now we calculate if there is any tax due. Assuming for in the event that that couple of other income exists, we calculate taxable income using the take advantage of the business ($20,000) and subtract the actual 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 chore would be $1,099. So, the total tax bill for this taxpayer may possibly $1,099 + $3,060 to put together a total of $4,159.

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