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Revision as of 15:40, 30 June 2026

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It is instructed by CBDT vide letter dated 10.03.2003 even though recording statement during create of search and seizures and survey operations, no attempt end up being made to have confession as to the undisclosed income. High definition tv been advised that there should be focus and focus on collection of evidence for undisclosed money flow.

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Now we calculate if you have any taxes due. Assuming for the moment that couple of other income exists, we calculate taxable income using the make money from the business ($20,000) and subtract doesn't come with 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 extra cash tax due for responsibility would be $1,099. So, the total tax bill for this taxpayer would be $1,099 + $3,060 for their total of $4,159.

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