Poonawalla fincorp
Poonawalla fincorp

Tax Audit

This query is : Resolved 
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(Querist)
28 October 2008 have one client Company

They are engaged in development of Software. ie. customised software

My question is whether for the purposes of tax audit the software development is considered as business or profession

What is the final wording

Which limit is applicable ten lakhs or forty lakhs for the purposes of tax audit
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
28 October 2008 profession in my opinion, as Profession involves requiring purely intellectual or manual skill.

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