TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Taxpayers Get Second Chance: New Income Tax Bill 2025 Offers Graduated Penalty Rates for Voluntary Income Disclosure</h1> A new tax provision in the Income Tax Bill, 2025 updates rules for filing corrected tax returns. The legislation allows taxpayers to voluntarily disclose previously unreported income by paying graduated additional taxes ranging from 25% to 70% depending on the timing of disclosure. The provision aims to encourage tax compliance, provide a structured mechanism for rectifying tax filing errors, and generate revenue while deterring late or incomplete tax reporting. The rules specify detailed computational mechanisms for tax credits, reliefs, and interest calculations.
TaxTMI 
TaxTMI 