Business or profession
This query is : Resolved
31 August 2011
Kindly state the implications of charging income under 'business' or 'profession'
other than difference in 44A
other than difference in 44A
31 August 2011
They have different audit limits, also they have different TDS limits.
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31 August 2011
In case of profession, an individual is liable to deduct TDS if his receipts exceed 15 lakh, while in case of business it is 60 lakhs.
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