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INCOME TAX

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(Querist)
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?
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Suresha R

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

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

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Bhaskaran Chackrapani Warrier (Expert)
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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