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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax for Disclosed Wealth: Single vs Multiple Years Tax Calculation Method Explained.</h1> The additional income-tax amount for disclosed income or wealth is determined based on whether the disclosure pertains to one or multiple financial years. For a single year, if a tax return was filed, the disclosed income is added to the returned income, and tax is calculated on this total, minus tax on the returned income. If no return was filed, tax is calculated on the disclosed income alone. For multiple years, the additional tax is calculated for each year as per the single-year method, then aggregated. The same method applies to wealth disclosures for one or multiple years.
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