CAN INCOME FROM COACHING CLASSES BE TREATED AS INCOME FROM ELIGIBLE BUSINESS U/S 44AD ? IF NOT THEN, HOW CAN ANY ASSESSE (INDIVIDUAL) FILE HIS RETURN WHO EARNS INCOME FROM COACHING CLASSES WHICH IS NOT COVERED UNDER TAXABLE LIMIT FOR SERVICE TAX ?
4 Replies
Neeta Kishorbhai Jethmalani
(Article assistant)
(53 Points)
Replied 19 June 2012
Yes as per my knowledge and belief, income from coaching classes is treated as income from business / profession and depending on the gross receipts it will be covered under 44AB or 44AD...
CA Saran Machepalli
(Service industry)
(59 Points)
Replied 19 June 2012
Krish,
Coaching Income shall be treated as Professional Income and it is to be taken after allowing any expenses related to that income.
As per my knowledge, you cant be taken u/s. 44AD.
Neeta Kishorbhai Jethmalani
(Article assistant)
(53 Points)
Replied 21 June 2012
Krish,
Can you please clarify the question that whether individual is earning through running the classes in his own name or he is providing his professional services in that classes???
Krish
(CA Final )
(3331 Points)
Replied 25 June 2012
Yes he provides Services in own Institute. His Education Qualification is MBA.
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