Chintan Shah (-) (534 Points)
28 February 2010Dear friends,
A is running a CA coaching classes. Whether for the purposes of Section 44AB i.e. tax audit, the receipts will be considered as from profession or business.?
If A is running a coaching class for 10th and 12th and is does not have any professional degree than what will be the situation??
Thx in adv...
Chintan
Amir
(Learner)
(4016 Points)
Replied 28 February 2010
Dear Chintan,
Good one yaar......
I think in both cases it will be classified as Business only.........
Lets see what others have to say..........
Amit Nishania
(CA Final - Student)
(495 Points)
Replied 28 February 2010
Providing Tution comes under service and once it has been kept under the scanner of service tax liability.
ravi.
(article trainee)
(424 Points)
Replied 28 February 2010
in both the cases, there are receipts.. so accordingly, both the receipts will be classified under "Profession"..
it cannot be business income..but i m doubtful regarding the classification of income where there is income from 10 or 12 th std...so lets c..
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 28 February 2010
I think it would be profession.
Although tax treatment would be same in both cases. But, we should be able to classify.
VIPIN KUMAR
(Practicing)
(309 Points)
Replied 28 February 2010
Dear Chintan
I think the receipts will be considered as from business because coaching classes is a business for Mr. A. and in 2nd situation is also called as business because Mr. A has received receipt from his technical knowledge and it will be treated as a business income.
manish
(Article Assitant)
(358 Points)
Replied 01 March 2010
in this case, the Income generate from his profession field by providing the service for giving the coaching classes, it's related to the profession. So in my opinion it's also the profession income
Amit Nishania
(CA Final - Student)
(495 Points)
Replied 01 March 2010
Its not about opinion but providing tution is a Profession, as it provide services n u might see service tax on it in future.
sachin sharma
(pcc student)
(79 Points)
Replied 01 March 2010
profession doesn't mean........those only have any professional degree, becomes a professional.....
Mukund Patel
(Student)
(477 Points)
Replied 01 March 2010
in my opinion it is income from profession........
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 01 March 2010
its profession
P A N K A J
(CA FINAL)
(740 Points)
Replied 02 March 2010
ITS INCOME FROM PROFESSION,,,AND PROFESSION ALSO INCLUDES VOCCATION..
Poornima
(Search on.... for knowledge)
(129 Points)
Replied 02 March 2010
According to my opinion it will be professional income as nothing is traded here
Prasanth Nair V
(ACA,ACS,CWA Final,Mcom)
(557 Points)
Replied 16 March 2010
CAclubindia
