Annual Taxes - Humor In The Drudgery: Difference between revisions
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Revision as of 00:38, 1 November 2024
A credit is allowed for foreign income taxes paid or accrued. The money is limited certain part of Oughout.S. tax due to foreign source income. It is far from refundable, but any excess credit could be carried to other years to reduce tax.
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If any books of accounts, documents, assets found or seized belong for any other person, the concerned AO shall proceed against other person as provided u/s 153A and 153B. The assessment u/s 153C should also be completed with twenty one months around the end for the financial year when the search was conducted like assessment u/s 153A.
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