Deemed business profits treated as income when declared lower than deemed and total income exceeds exemption threshold. Effective 1 April 2011, section 44AA(2) is amended to substitute certain cross-references so clause (iii) refers to section 44AE only, and to insert clause (iv) providing that where profits are deemed to be the profits and gains under section 44AD and the assessee claims lower income than the deemed amount, but total income exceeds the maximum non-taxable amount, the assessee falls within the scope of the provision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed business profits treated as income when declared lower than deemed and total income exceeds exemption threshold.
Effective 1 April 2011, section 44AA(2) is amended to substitute certain cross-references so clause (iii) refers to section 44AE only, and to insert clause (iv) providing that where profits are deemed to be the profits and gains under section 44AD and the assessee claims lower income than the deemed amount, but total income exceeds the maximum non-taxable amount, the assessee falls within the scope of the provision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
