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Revision as of 02:51, 31 October 2024

The term "Raid in Indian Income tax Law" is incredulous and any unexpected encounter with IT sleuths generally leads to chaos and vacuity. If you would experience such action it is much better to familiarise with the subject, so that, the situation can be faced with confidence and serenity. Tax Raid is conducted with the sole objective to unearth tax avoidance. It's the process which authorizes IT department searching any residential / business premises, vehicles and bank lockers etc. and seize the accounts, stocks and valuables.

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Remember, an individual exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This allows you to under the marginal tax rate of 25%. Therefore the money it will save you on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you to your spouse, that will be multiplied by two an individual save $1825.

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Large corporations use offshore tax shelters all the time but they it officially. If they brought a tax auditor in and showed them everything they did, if the auditor was honest, he could say issues are perfectly acceptable. That should also be your test. Ask yourself, a person are brought an auditor in and showed them anything you did you reduce your tax load, would the auditor always be agree all you did was legal and above forum?

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The most straight forward way would be file a special form whenever you wish during the tax year for postponement of filing that current year until a full tax year (usually calendar) has been completed in an overseas country as being the taxpayers principle place of residency. In which typical because one transfers overseas in the centre of a tax entire year. That year's tax return would just be due in January following completion belonging to the next twelve month abroad as soon as year of transfer.

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