Deem Income
This query is : Resolved
14 October 2009
Hi,
Pleas say what is the meaning of Deemed Income OR deemed profit.
Regards
Pleas say what is the meaning of Deemed Income OR deemed profit.
Regards
21 October 2009
In context of Income Tax, Deemed income is income of a person other than the assessee. For example, if an assessee has a minor child and is receiving any income otherwise than by the talent of the child, the income is clubbed in the hands of the parent. Here, the income of child is deemed to be the income of the father (assessee).
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