Why Must File Past Years Taxes Online: Difference between revisions

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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The irs contended in which it transfer pricing evaded taxes by making several inter company transactions to foreign affiliates regarding two of the company's patents and trademarks on popular drugs it keeps. That is known as offshore tax fraud.

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What will be the rate? At the rate or rates enacted by Central Act for any Assessment Entire year. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable to the tax payer.

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 by means of 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 within the changes passed in the 2001 EGTRRA.

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