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Tax Audit

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(Querist)
27 October 2008 I 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
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Reetika Goel

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Reetika Goel (Expert)
27 October 2008 Development of Softwares is a service provided by an individual/company. So, it is considered as a Profession.
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Jitender

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Jitender (Expert)
27 October 2008 yes, it is a busines for the puposes of tax audit.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 October 2008 Seems Jitender is correct. In other words it is business and not profession.
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JACOB BABOO

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JACOB BABOO (Querist)
28 October 2008 What is final wording

Which limit is applicable 10 lakhs or 40 lakhs for the purpose of audit
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
28 October 2008 Any vocation by exercise of a purely intellectual or manual skill is a profession.
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SANJAY VERMA

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SANJAY VERMA (Expert)
28 October 2008 agree with warrier. it is a business.

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