Business or profession

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A.Barli (Querist)
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31 August 2011 Kindly state the implications of charging income under 'business' or 'profession'
other than difference in 44A

CA Ashwani Agarwal (Expert)
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31 August 2011 They have different audit limits, also they have different TDS limits.

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A.Barli (Querist)
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31 August 2011 Please clarify on TDS issue

CA Ashwani Agarwal (Expert)
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31 August 2011 In case of profession, an individual is liable to deduct TDS if his receipts exceed 15 lakh, while in case of business it is 60 lakhs.

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