Deemed business income: taxpayers reporting less than presumptive profits now trigger mandatory tax audit requirements. The amendment makes persons whose profits are treated as deemed business income under presumptive taxation provisions subject to the audit requirement if they claim income lower than the deemed profits in any previous year, thereby expanding the class of persons liable to audit to include those reporting income below presumptive/deemed amounts.
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: taxpayers reporting less than presumptive profits now trigger mandatory tax audit requirements.
The amendment makes persons whose profits are treated as deemed business income under presumptive taxation provisions subject to the audit requirement if they claim income lower than the deemed profits in any previous year, thereby expanding the class of persons liable to audit to include those reporting income below presumptive/deemed amounts.
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