TaxTMI 
TaxTMI 
Deeming Income Provisions
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....eeming Income Provisions<br> Query (Issue) Started By: - Ramesh Das Dated:- 18-9-2011 Last Reply Date:- 19-9-2011 Income Tax<br>Got 1 Reply<br>Income Tax<br>If I am showing income under section 44AD o....
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....f 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 cover the deemed expenses ? I personally feel that th....
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....is should not matter as the deeming provisions itself state that books of accounts need not be maintained. Pleas offer your opinions. Reply By malhar shenoy: The Reply: Yes , under section 44 AD 8% ....
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....of the Gross Receipts / Turnover is considered as Income . It is assumed that all the expenses have been met. In other words deemed elegible deduction is given for 92 % of the turnover without referin....
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....g to any records. Only requrement is turnover/ Gross receipt should be correct/ True.<br> Discussion Forum - Knowledge Sharing ....