Business income or Professional income?
This query is : Open
Deepak Patel
(Querist)
14 June 2016
My Clint is running an institution as a partnership firm whereby he undertakes project work for B.tech students and also conduct java classes, what will b d income from d above assesses under. Whether Profession or business service?
14 June 2016
If all the partners are qualified engineers, it is' profession', otherwise 'business'.
Deepak Patel
(Querist)
14 June 2016
One partner is B.tech and other partner is diploma holder?
15 June 2016
For the purpose of professional income, the person has to be have a professional degree like chartered engineer, medical practice, chartered accountancy etc . If the services are rendered in this capacity, the income generated would be considered as professional income else it will be treated as business income
Deepak Patel
(Querist)
15 June 2016
ok.. Thank u all for the valuable suggestion..
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