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of <h1>Individuals Must Pay Recalculated Tax on Regular Assessment Within 30 Days of Notice Under Income-tax Act</h1> Under the Income-tax Act, individuals must accurately calculate and pay their taxes. If the tax authorities identify an understatement of income and the corresponding tax, they will determine the correct tax amount owed. This recalculated tax is known as Tax on Regular Assessment. Once a notice of demand is issued, the individual is required to pay this tax within 30 days.
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