History Of The Federal Tax: Difference between revisions

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(Created page with "S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone is actually in a high tax bracket to someone who is in the lower tax range. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't possess other taxable income. Normally, the other individual is either your spouse or common-law spouse, but it can also be your children. Whenever it is possible to transfer income to a pers...")
 
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Latest revision as of 13:16, 31 January 2025

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B) Interest earned, however not paid, during a bond year, must be accrued at the end of the bond year and reported as taxable income for your calendar year in which your bond year ends.

(iv) All unaccounted income should be declared. If such a disclosure manufactured before its detection your Income Tax Department, the chances of being trapped in the tax raid are minimized.

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