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