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Congress finally acted on New Year's Day, passing the "fiscal cliff" the law transfer pricing . This law extended the existing tax rate structure for single taxpayers with taxable income of lower than USD 400,000, and married taxpayers with taxable income of less than USD 450,000. For having higher incomes, the top tax rate was increased to 13.6% These limits are determined with the foreign earned income omission.

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 additionally be completed with twenty one months by means of end belonging to the financial year when the search was conducted like assessment u/s 153A.

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