In case of an assessee who is an undertaker i.e. funeral services (including funeral services wherein the bodies come from abroad) hence they also receive income in foreign exchange. is it taxable under income tax act under business & profession section 28? or is there a deduction or exemption agst such income?
2 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 January 2014
Services provided in india shall be taxable under income from business/profession. Expenses incurred in running this business shall be deductible.
elroy
(Practicing CA)
(90 Points)
Replied 15 January 2014
Thanks for the prompt reply...so its confirmed that it is taxable & no special exemption or deduction under the Income tax act as s uch ...right?
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