Business or professional income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2015
one of our client providing technical consultancy, its a partnership firm but in this firm one of the partner is non-professional income, and income during the year not exceeds 25lakhs, so under which head firm paying the tax, whether it s considered as a professional income or business income.
09 June 2015
Dear if the non professional income is substantial over the total receipt the nature of business should not be consultancy.
But if some nominal receipt is received with the substantial consultancy income than the nature of business will remain consultancy.
CA. Kapil Verma
Founder-taxadvizer.com
But if some nominal receipt is received with the substantial consultancy income than the nature of business will remain consultancy.
CA. Kapil Verma
Founder-taxadvizer.com
10 June 2015
its consider as a receipts and show as consultancy charges.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2015
rupesh sir you mean il consider as a business income na, but sir what was the reason to consider as a business income
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
