Income head
This query is : Resolved
Harshit kothifoda
(Querist)
06 August 2014
Is the MBA fall in a profession for Tax computation ? or any other head..
Sandeep Dharar
(Expert)
06 August 2014
As per me its Profession. Well other experts views will also b appreciated.
06 August 2014
yes it is covered by prof tax
Nikhil Kaushik
(Expert)
06 August 2014
I believe the question is regarding income-tax.
1. holding a MBA degree doesn't get covered under 44AA(1).
2. once you are out of 44AA(1), what matters is not the professional degree you are holding but the actual activities you perform thereafter.
If you are giving consultancy services, then you will be covered under "profession" but if you are, lets say, doing manufacturing activities, then you shall be covered under "business"
1. holding a MBA degree doesn't get covered under 44AA(1).
2. once you are out of 44AA(1), what matters is not the professional degree you are holding but the actual activities you perform thereafter.
If you are giving consultancy services, then you will be covered under "profession" but if you are, lets say, doing manufacturing activities, then you shall be covered under "business"
Krunal Vyas
(Expert)
07 August 2014
For professional income degree is the second scenario . The activities is do by you will decide sources of income. So consultancy is under professional income.
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