CA Seema Kochar (CHARTERED ACCOUNTANT) (636 Points)
05 July 2010
fact of the Case :-One Assessee is an MBA from IIM. He is rendering management services and For F.y.09-10 his Gross Receipts are exceeding 10 lakh but below 40 lakhs.
Query:- Whether he is a Professional? or a businessman?
Sec. 44AA defines Professional to include Technical Services. whether Management Services are within the ambit of professional?
RAJEEV
(article)
(156 Points)
Replied 05 July 2010
ya definately.. he is providing a professionl services . if gross reciepts exceed Rs.10,00,000 then tax audit is required.
and there is TDS and service tax is also applicable.
Amir
(Learner)
(4016 Points)
Replied 05 July 2010
Dear Seema,
Services of a MBA will be classified as "Profession" & not as "Business" for the purposes of 44AB.
CA Shiv
(Business Controller)
(2987 Points)
Replied 05 July 2010
Dear Seema,
If he is rendering the services in the name of profession than only.. He should be billing the company in the form of profession like a CA do....
| Originally posted by : Shivang | ||
 |
Dear Seema, If he is rendering the services in the name of profession than only.. He should be billing the company in the form of profession like a CA do.... |
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Nitin Grover
(CS)
(1228 Points)
Replied 05 July 2010
| Originally posted by : RAJEEV | ||
|
|
ya definately.. he is providing a professionl services . if gross reciepts exceed Rs.10,00,000 then tax audit is required. and there is TDS and service tax is also applicable. |
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CA Lokesh Kumar Tiwari
(Asst. Finance Manager)
(195 Points)
Replied 05 July 2010
Dear Seema
as per IT Act management sevices are also considered as professional sevices. Therefore if gross receipt is more then 10 Lacs, tax audit is must.
varun gupta
(Senior Accounts Officer)
(89 Points)
Replied 05 July 2010
ya agree with all, it will come under ambit of professional service, so 10 lakh limit will apply.
Manivannan.C
(article clerk - CA pcc 1st grp cleared)
(80 Points)
Replied 07 July 2010
YES ITS A PROFESSIONAL SERVICE
CAclubindia
