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Latest revision as of 08:48, 14 September 2026


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You needed to file a tax return for that specific year twenty-four before the bankruptcy. To become eligible to wipe the actual debt, you need to have filed a tax return for the internal revenue service or State debt you desire to discharge at least two years before bankruptcy options. Thus, whether or not the debts are over 3 years old, should you filed the return late and two yearsrrr time has not yet passed, you cannot remove the Internal revenue service or State tax your debt.

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But assuming you qualify, that will reduce your bottom line tax liability by $3500. Since you owed three thousand dollars, your tax is getting zero euros. It recently been instructed by CBDT vide letter dated 10.03.2003 even though recording statement during training course of search and seizures and survey operations, no attempt in order to made to obtain confession when it comes to the undisclosed income.

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