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deemed income

• Deemed Income means Income which is actually not earned or


received by Assesse but Income Tax Act consider such as Income
deemed to be received in India.
• Deemed income is income that is based on a rate of return that’s assumed for an
investment even when that rate isn’t what the investment actually returns.
• When applying for the Age Pension, you must satisfy an Age Pension assets test
and an Age Pension income test. If you own financial assets, such as listed
shares or a superannuation pension, then the income counted for the Age
Pension income test, is not the actual income you earn, or pension payments
you receive, but a deemed amount, using an assumed rate of return.
• In other words, financial assets owned by an Age Pensioner, or potential Age
Pensioner, are subject to the deeming rules, which means the financial assets
will have deemed income assessed, rather than actual income earned.
As per Sec 68 of Income Tax Act where any amount credited in
the books of accounts of Asseessee for any previous years and
Asseessee unable justify such transactions with proper
explanation to assessing officer shall be deemed be Income of
Asseessee under Head Income from Other Sources in Current
Financial Year. If Assessee had recorded any purchase made by
Asseessee on credit in books of accounts of any previous years
fails to prove identity of Creditor than such credit purchase shall
be deemed to be Income of Asseessee under Head Income from
Other Sources in Current Financial Year.
As per sec 68 of Income Tax Act where any Company other
than Company in which Public is Interested credit any sum of
money against Share Application Money or Share Capital or
Securities Premium or any other etc. And company fails to
satisfy the assessing officer that any amount credited to
asseessee is resident of India and source of fund from such
shares purchase than sum Credited shall be deemed to be
Income of Asseessee in whose Account money is credited
under Head Income from Other Sources in Current Financial
Year.
Deemed Income for Having Possession of
Unexplained Source of Money
As per sec 69A of Income Tax Act if Asseessee found owner of Any Money,
jewellery, bullion or any other valuable article which is not recorded in the
books of Accounts of Asseessee and Asseessee fails to give proper
explanation to assessing officer than such money, jewellery and bullion shall
be deemed to be Income of Asseessee under Head Income from Other
Sources in such Year.
As Per Sec 69B of Income Tax Act if Asseessee found the owner of Any
Money, jewellery, bullion or any other valuable article which are recorded in
the books of accounts but assessing officer reason to believe that amount
recorded in the books of accounts is less than actual value and Asseessee
fails to give proper explanation to assessing officer than such excess money
shall be deemed to be Income of Asseessee under Head Income from Other
Sources in such Financial Year.
As Per sec 69 D of Income Tax Act if any Asseessee borrowed any
amount of on Hundi and repaid such money including Interest
their on otherwise than thorough Account Payee Cheque or
Electronic Transfer Shall be deemed to be Income of Asseessee
under Head Income from Other Sources in such Financial Year. If
any borrowed on Hundi is included in the Income of Asseessee
under Head Income from Other Sources at the Time of borrowing
shall be included in the Income of Asseessee under Head Income
from Other Sources on Repayment of Borrowing. Sec 69D of
Income Tax Act shall not be applicable on Darshani Hundi
Transaction.

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