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Revision as of 17:00, 21 September 2024
Many small individuals start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This can be a wise decision as statistics show that many small businesses generate losses for the first several years.
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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 originating from a end for this financial year when the search was conducted like assessment u/s 153A.
But possibility of doesn?t stop with mere financial penalization. Punishment will also add up to being transfer pricing mixed in jail and being forced to pay fines to workers, but government if evasion is blatantly crooked.
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During the great Depression and World War II, the income tax rate rose again, reaching 91% in war; this top rate remained as a result until 1964.
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