Section 44aa of income tax act
This query is : Resolved
CA. Mohit chaturvedi
(Querist)
10 September 2015
44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act.
I have a query in this regard:-
Income received by way if commission or brokerage by Mutual fund investment agency is a professional service or it is business income?
I have a query in this regard:-
Income received by way if commission or brokerage by Mutual fund investment agency is a professional service or it is business income?
Amol S Joglekar
(Expert)
10 September 2015
It is business income. It can not be said to be profession. Agency is a business.
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