Income head
This query is : Resolved
Harshit kothifoda
(Querist)
06 August 2014
Is the MBA fall in a profession for Tax computation ? or any other head..
Sandeep Dharar
(Expert)
06 August 2014
As per me its Profession. Well other experts views will also b appreciated.
06 August 2014
yes it is covered by prof tax
Nikhil Kaushik
(Expert)
06 August 2014
I believe the question is regarding income-tax.
1. holding a MBA degree doesn't get covered under 44AA(1).
2. once you are out of 44AA(1), what matters is not the professional degree you are holding but the actual activities you perform thereafter.
If you are giving consultancy services, then you will be covered under "profession" but if you are, lets say, doing manufacturing activities, then you shall be covered under "business"
1. holding a MBA degree doesn't get covered under 44AA(1).
2. once you are out of 44AA(1), what matters is not the professional degree you are holding but the actual activities you perform thereafter.
If you are giving consultancy services, then you will be covered under "profession" but if you are, lets say, doing manufacturing activities, then you shall be covered under "business"
Krunal Vyas
(Expert)
07 August 2014
For professional income degree is the second scenario . The activities is do by you will decide sources of income. So consultancy is under professional income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
