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MUG Bank (Malaysia) Broad (302316U) (Formerly known as Bank of Tokyo Mitsubishi UFO (Malaysia) Broad) INDIVIDUAL Addendum to self certification form: Reasonable explanation form Contradicting information
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An individual refers to a single human being, distinct from a group or an organization, who has the ability to act and make decisions. In the context of government and legal matters, individuals often have rights and responsibilities under the law.
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Individuals who earn income above a certain threshold, which varies by tax jurisdiction, are generally required to file tax returns. This includes employed individuals, self-employed business owners, and those with investment income.
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The primary purpose of filing individual tax returns is to report income to the government and calculate tax liabilities. It also allows individuals to claim deductions and credits, which can reduce their overall tax burden.
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Individuals must report various types of income, including wages, salaries, tips, interest, dividends, and capital gains. Additionally, they should disclose any deductions, credits, and other relevant financial information that affects their taxable income.
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