Definition of "business entity" for taxation of advocates
This query is : Resolved
CA Karan Kirit Joshi
(Querist)
27 June 2012
Dear Expert,
As per the new regime what would be the definition of the term "Business Entity" ?
As per Education Guide on CBEC website, the term "business entity" includes proprietors / individuals , but as per the definition given in Section 65(b19) of the Finance Act, 1994, the term business entity doesnt cover individuals.
Kindly provide some clarity on this issue at the earliest.
-Thanking You,
CA Karan Joshi
9427770212
As per the new regime what would be the definition of the term "Business Entity" ?
As per Education Guide on CBEC website, the term "business entity" includes proprietors / individuals , but as per the definition given in Section 65(b19) of the Finance Act, 1994, the term business entity doesnt cover individuals.
Kindly provide some clarity on this issue at the earliest.
-Thanking You,
CA Karan Joshi
9427770212
27 July 2012
Dear Karan
When under any act specific word is not defined as per law the meaning of same is to be taken as per dictionary Meaning .
There are numbers of judgements in these
matter under different act of Excise, Income Tax and Sales Tax.
Hence you may proceed in that way.
Dear Karan
When under any act specific word is not defined as per law the meaning of same is to be taken as per dictionary Meaning .
There are numbers of judgements in these
matter under different act of Excise, Income Tax and Sales Tax.
Hence you may proceed in that way.
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