Coverage of tax on Presumtive Income
This query is : Resolved
27 June 2011
A person is in his professional business of teaching college students - tuition class. I would like to know whether section 44AD or 44AE can be considered in this case or not.
CA PARAS BAFNA
(Expert)
27 June 2011
I am not in favour of filing return U/s 44AD in your case. However, you may take decision after going through the points
discussed hereunder
*
Even though most of the teachers have made teaching as a business yet this is called the most respectable and noble profession.
*
Further it can easily be said as a vocation and profession has been defined as "profession includes vocation".
*
Hence, even if Teaching Profession has not been included in the specified professions
still it can be treated as vocation and therefore I advise to treat this as a profession. As such Prepare Income & Expenditure A/c for this Income and file return in ITR-4.
*
I am not in favour of filing return U/s 44AD in your case. However, you may take decision after going through the points
discussed hereunder
*
Even though most of the teachers have made teaching as a business yet this is called the most respectable and noble profession.
*
Further it can easily be said as a vocation and profession has been defined as "profession includes vocation".
*
Hence, even if Teaching Profession has not been included in the specified professions
still it can be treated as vocation and therefore I advise to treat this as a profession. As such Prepare Income & Expenditure A/c for this Income and file return in ITR-4.
*
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