Deeming Income Provisions

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..... If I am showing income under section 44AD of the Income Tax Act , i.e Income @ 8 % or more of the Gross Receipts, would it matter If the cash withdrawals from the account are insufficient to cove .....

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..... r the deemed expenses ? I personally feel that this should not matter as the deeming provisions itself state that books of accounts need not be maintained. Pleas offer your opinions. - Reply By malha .....

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..... r shenoy - The Reply = Yes , under section 44 AD 8% of the Gross Receipts / Turnover is considered as Income . It is assumed that all the expenses have been met. In other words deemed elegible deduc .....

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..... tion is given for 92 % of the turnover without refering to any records. Only requrement is turnover/ Gross receipt should be correct/ True. - Deeming Income Provisions - Query Started By: - Ramesh .....

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..... Das Dated:- 18-9-2011 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanageme .....

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..... nt - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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