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The best thing is tax debt can be discharged in bankruptcy. Discharged simply means the debt is canceled and can't be collected now or perhaps in the future. The bad news is that you simply must meet a quantity of criteria in front of the court with give the internal revenue service the . So, what are the criteria?

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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 by means of end within the financial year when the search was conducted like assessment u/s 153A.

People hate paying duty. Tax avoidance strategies are entirely legal and could be made good use of. Tax evasion, however, is not. Make sure you know where the fine line is.

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