14 July 2015
Hi. I am a Professor of Architecture at a college in Chennai. I would like to know if the income I receive from the college will classify as Income from Profession? Will the income received from the college for a visiting professor also qualify as income from profession. I would be obliged if you could tell me the relevant sections for this, so that I can talk to the college management, provided, I can show the income as income from profession. If I can, do I need to maintain book of accounts for the same? Your prompt reply would be appreciated. Thanks.
14 July 2015
The income received by working as professor can be classified as salary and Tds applicable u/s 192. The income of the visiting professor can be classified as professional income and TDS applicable u/s 194J. For professional income you need to maintain books of accounts
14 July 2015
Visiting professor is sort of a business and TDS will be deducted when you get the payment. its always good to maintain books of accounts for professional services
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