The term “Raid in Indian Tax Law” is incredulous and any unexpected encounter with IT sleuths generally leads to chaos and vacuity. If you can potentially experience such action it is wise to familiarise with the subject, so that, the situation could be faced with confidence and serenity. Income tax Raid is conducted with the sole objective to unearth tax avoidance. It is the process which authorizes IT department to find any residential / business premises, vehicles and bank lockers etc. and seize the accounts, stocks and valuables.
Also word that a new job that accomplished in another state, a mobile auto glass of example, is subject to that states financial. Not your own state.
Banks and bank become heavy with foreclosed properties when the housing market crashes. These people not nearly as apt shell out off the rear taxes on the property which is going to fill their books with increased unwanted homes for sale. It is much easier for the particular write them back the books as being seized for xnxx.
A personal exemption reduces your taxable income so you find yourself paying lower taxes. You most likely are even luckier if the exemption brings you any lower income tax bracket. For the year 2010 it is $3650 per person, equal to last year’s amount. In 2008, sum of was $3,500. It is indexed yearly for inflation.
It’s still ideal to get legal counsel during regular IRS things. Those who only get lawyers during serious Tax Problems are stretching their lucks too thin. After all, why would you wait to IRS problem to happen before getting a transfer pricing professional understands everything you need to know about taxation? Take the preventive approach and avoid problems light and portable IRS altogether by letting professionals exploration taxes.
If any books of accounts, documents, assets found or seized belong to any other person, the concerned AO shall proceed against other person as provided u/s 153A and 153B. The assessment u/s 153C should even be completed with twenty one months around the end among the financial year when the search was conducted like assessment u/s 153A.
In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some of the changes passed in the 2001 EGTRRA.