Income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 November 2014
Sir,
Kindly tell me the difference between business and professional income.
your
benjamin
Kindly tell me the difference between business and professional income.
your
benjamin
Nikhil Kaushik
(Expert)
02 November 2014
as such there is no difference as far as taxation is concerned.
however, there are three points of difference: section 44AA, 44AB and 194J.
For these three sections distinction is to be made between business and profession:
business primarily concern with sale and purchase of goods whereas profession is occupation requiring use of intellectual skills.
however, there are three points of difference: section 44AA, 44AB and 194J.
For these three sections distinction is to be made between business and profession:
business primarily concern with sale and purchase of goods whereas profession is occupation requiring use of intellectual skills.
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