44ab coverage
This query is : Resolved
10 January 2014
A person has opened a educational center where he hire experts to provide management classes and pay fees to expert. His centre also provide clauses to institution. whether the receipt of the individual be treated as professional fee. Basically I want to know for tax audit what will be the fy 2012- 2013 limit. 25 lacs or 1 crore. Will he be treated as professional and his receipt of over 26 will come under tax audit??
10 January 2014
my view is that it is covered under business as there is no application of skills by the said person..So 1 cr limit should apply.
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