Under which head does income from tuition fee falls ?
4 Replies
CA Jainam Shah
(Chartered Accountant)
(190 Points)
Replied 22 July 2013
In my opinion, It falls under B & P as its proffessional income
Yatrik Jobanputra
(CA Final Student)
(170 Points)
Replied 22 July 2013
Treatment of Income depends upon nature of business activity performed by the Assessee.
If Assessee's main business / profession is to provide Tuition / Coaching class to students
than his / her Tuition fees income will be treated as Income from Business and Profession and charged u/s 28 of Income tax Act, 1961
Alternatively, the same income can be treated as Income from Other Sources and charged u/s 56 of Income Tax Act, 1961.
Regards,
Yatrik Jobanputra
CA CS Roshan Begrajka
(Chartered Accountants)
(267 Points)
Replied 22 July 2013
Treatment of Income depends upon nature of business activity performed by the Assessee. If Assessee's main business / profession is to provide Tuition / Coaching class to students than his / her Tuition fees income will be treated as Income from Business and Profession and charged u/s 28 of Income tax Act, 1961 Alternatively, the same income can be treated as Income from Other Sources and charged u/s 56 of Income Tax Act, 1961.
agree with yatrik
G S SHRIDHAR
(Audit and Taxation)
(44 Points)
Replied 22 July 2013
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