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After all the festivities, laughter, and gift giving for the holidays, giggles and grins quickly meld into groans and glowers as Taxes Preparation Season rears its ugly visage. From January 15th until April 15th, Americans fuss and fume about our ever increasing income taxes. Nevertheless, in an odd sort of way, some must enjoy the gloom since they'll file for an extension, prolonging the agony of the inevitable.

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What could be the rate? At the rate or rates enacted by Central Act for every Assessment Years. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable towards tax payer.

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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 be also completed with twenty one months from the end for this financial year when the search was conducted like assessment u/s 153A.

I feel this is in fact important: when politicians corrupt the people, they alleviate their flexibility. It is already hard enough for camera population to obtain rid of corrupt political figures. It is extremely hard for a corrupt population to implement this.

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