27 June 2009
I am handling one client(PAINTER) he is doing all kind of paintings & supplied it to all Hotel industries as well as individuals.
Any one can explain me, What is the Income Tax applicable on it's income from sale of painting? & their is any special provision of Exemption of Income Tax?
27 June 2009
Painter is just doing the businesses of making and selling the painting. So income from sale will be taxable under business income.
Only the paintings being Capital asset transfered to agencies as mentioned in section 47(ix) are not regarded as transfer for the purpose of capital gain.
CAclubindia
