Deemed business income: amendment extends applicability where taxpayers report income below deemed profits under presumptive provisions. The amendment adds a clause extending recordkeeping and registration obligations to cases where profits and gains are deemed to be the assessee's business income under presumptive taxation regimes and the assessee has declared income lower than those deemed profits during the previous year, thereby explicitly linking the provision to instances arising from presumptive provisions.
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 income: amendment extends applicability where taxpayers report income below deemed profits under presumptive provisions.
The amendment adds a clause extending recordkeeping and registration obligations to cases where profits and gains are deemed to be the assessee's business income under presumptive taxation regimes and the assessee has declared income lower than those deemed profits during the previous year, thereby explicitly linking the provision to instances arising from presumptive provisions.
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 
