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INCOME TAX

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vrgopani (Querist)
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04 November 2010 I have two shops, one used for my business & other vacate. Is there any provision to tax notional income of second shop?

Suresha R (Expert)
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04 November 2010 No tax, if no income from second shop.

CA. Aryendra

CA. Aryendra (Expert)
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04 November 2010 Completely agree with Mr. Suresh

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 November 2010 If the vacant shop is subsequently let out,notional income can be assessed during the vacancy period following the principle of "presumption backwards".

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