Business or profession..??

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2014 SIR..I HAVE 1 QUERY..

suppose a firm is purely dealing in contract regarding purchase of raw material of clothes and then assemble it and finally readymade clothes given to party like schools hospital companies..etc...then the particular transaction is covered under business or profession u/s 44ab..??

please help bcoz turnover limit matters..
thanks in adv..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 March 2014 The work performed by the firm is covered under BUSINESS. Accordingly limits for BUSINESS will apply.

They are NOT professionals.

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