Deemed Income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 November 2010
Respected Sir,
I have received your reply of my query regarding deemed income,thanks for the same.
Now as per my knowledge/reading refer Rule 8-D eventhough if assessee does not incurred any expenditure against earning exempt income he has to pay 0.5% Tax on such income whether it is correct or not? and if 0.5% Tax to be charged, from which assessment year it is applicable.
Kindly advice for the same.
Regards
I have received your reply of my query regarding deemed income,thanks for the same.
Now as per my knowledge/reading refer Rule 8-D eventhough if assessee does not incurred any expenditure against earning exempt income he has to pay 0.5% Tax on such income whether it is correct or not? and if 0.5% Tax to be charged, from which assessment year it is applicable.
Kindly advice for the same.
Regards
Aditya Maheshwari
(Expert)
02 November 2010
But read heading of section 14A first and then resort to rule 8D.
the rule is applicable w. e. f. A. Y. 2008 - 09 as per bombay high court decision.
the rule is applicable w. e. f. A. Y. 2008 - 09 as per bombay high court decision.
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