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Latest revision as of 16:30, 4 February 2025
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What could be the rate? At the rate or rates enacted by Central Act for any Assessment Entire year. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable for the tax payer.
You to be able to file a tax return for that exact year 2 before the bankruptcy. To be able to eligible to wipe out the debt, you've have filed a taxes for the government or State debt you want to discharge at least two years before bankruptcy. Thus, even when the debts are over four years old, if you filed the return late and two years has not even passed, you cannot erase the Internal revenue service or State tax monetary debt.
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