Business or professional
This query is : Open
12 June 2017
Started off filing IT returns as a "Professional" for teaching services.
Over the years, activities have diversified into multiple disciplines.
Would it be ok to switch to filing as a "business" and take advantage of the 8% presumptive taxation?
Or would it flag up the IT return?
Over the years, activities have diversified into multiple disciplines.
Would it be ok to switch to filing as a "business" and take advantage of the 8% presumptive taxation?
Or would it flag up the IT return?
12 June 2017
No you can't declare it as an business.
12 June 2017
You will receive a notice after sometime for correcting same
12 June 2017
Thank you. I genuinely feel it has become a business per the definition in the Act. How do I go about changing the Profession to a Business?
12 June 2017
You never change profession into business. If you are running coaching centre with many teachers then it would be consider as business
13 June 2017
Thanks again. That is exactly what happened. What started as one person teaching a few students in a single discipline has become a large academy containing 30+ teachers in many different disciplines beyond the originator's core expertise. Question is, how do we convince the IT dept that it is indeed a business now? In prev years, there was no need to change the filing status from Professional to Business as the tax would be the same for both.
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