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A personal exemption reduces your taxable income so you end up paying lower taxes. You might be even luckier if the exemption brings you together with lower income tax bracket. For the year 2010 it is $3650 per person, equal to last year's amount. This year 2008, the amount of was $3,500. It is indexed yearly for the cost of living.

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 from your transfer pricing end for the financial year when the search was conducted like assessment u/s 153A.

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Other program outlays have decreased from 64.5 billion in 2001 to 12.3 billion in 2010. Obviously, this outlay provides no chance for saving through the budget.

In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some on the changes passed in the 2001 EGTRRA.

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