Ramesh Gupta (Others) (25 Points)
06 November 2024Hi,
I teach at a few educational institutes as a consultant. I do not own those institutes. I am also registered as a GST consultant. So far I have been showing my business code as 14009. But that disallows me to get beenfit under 44ada. Is 14009 the right code for me?
Should I be using some other code and get benefit under 44ada?
Please let me know.
Regards,
Ramesh
Ramesh Gupta
(Others)
(25 Points)
Replied 07 November 2024
Just to add I teach for data science coaching institutes typically for working professionals.
Also, I file my GSTR1 under HSN=999293.
Ramesh Gupta
(Others)
(25 Points)
Replied 07 November 2024
For example, do these codes apply to me?
Other software consultancy == 14002
Engineering and technical consultancy == 16005
Literary activities == 20011
Or any other 44ada code?
Especially given this article https://economictimes.indiatimes.com/wealth/tax/tax-queries-does-teaching-profession-qualifies-for-presumptive-taxation-at-50/articleshow/57887440.cms?from=mdr what do you think?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(180927 Points)
Replied 07 November 2024
You can consider code 16005.
Nikhil Kaushik
(Fellow CA)
(85761 Points)
Replied 12 November 2024
see if you think your services are more aligned for 14009, then you actually benefit more as Income-tax department considers 14009 as 44AD bsuiness. Hence, you can offer much lower % of income as profit.
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