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A credit is allowed for foreign income taxes paid or accrued. The credit is limited certain part of You.S. tax due to foreign source income. It isn't refundable, but any excess credit could be carried to other years to reduce tax.

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(iv) All unaccounted income should be declared. If such a disclosure is conducted before its detection via the Income Tax Department, chance is of being trapped in a tax raid are transfer pricing reduced.

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 be completed with twenty one months from your end belonging to the financial year when the search was conducted like assessment u/s 153A.

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