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Latest revision as of 00:19, 1 February 2025
The term "Raid in Indian Tax Law" is incredulous and any unexpected encounter with IT sleuths generally leads to chaos and vacuity. If you are sure to experience such action it is wise to familiarise with the subject, so that, the situation can be faced with confidence and serenity. Taxes Raid is conducted with the sole objective to unearth tax avoidance. It's the process which authorizes IT department to find any residential / business premises, vehicles and bank lockers etc. and seize the accounts, stocks and valuables.
Because of the increasing tax rate of upper brackets, a reduction of taxable income at about a higher bracket saves you more tax than exactly the reduction at a very lower mount. So let's compare the tax saving of contributing $1000 by one person with a $30,000 income with that of a single person with a $100,000.
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