The term "Raid in Indian Taxes Law" is incredulous and any unexpected encounter with IT sleuths generally leads to chaos and vacuity. If you are likely to experience such action it is better 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 search any residential / business premises, vehicles and bank lockers etc. and seize the accounts, stocks and valuables.

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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.

B) Interest earned, though paid, during a bond year, must be accrued after the bond year and reported as taxable income for that calendar year in that the bond year ends.

Yes. Salary based student loan repayment is not offered for private student loans. This type of repayment is only offered with a Federal Stafford, Grad Plus and the Perkins transfer pricing Borrowing.

According to your contents of her assessment, she was required expend an extra R32000 (R=South African Rand or currency) on the surface of what she normally paid during earlier years - give of take a handful of hundreds. After checking her documents, I inquired her if she had earned any extra income apart from her teaching and a lot of No!

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