Loss under income from business or profession read more at:
This query is : Resolved
jaya krishna
(Querist)
06 May 2015
sir, if a person doing job and his income exceeds basic exemption limit. he also earn income from tuitions. he calculate income tuition fee under income from business or profession he claim depreciation under section 32 for residential building @ 5%.the income from business or profession is -ve value. my doubt is he is required to audit under sec-44AB and is required to register business or profession. he run tuitions for tax benefit.
Nikhil Kaushik
(Expert)
06 May 2015
yes. the audit is required. registrations depend on various other factors. for eg, if the total fees receipt exceeds Rs 9 lakhs, service tax registration is required
jaya krishna
(Querist)
06 May 2015
sir,
this is only for tax benefit. so registration is not required. thanks for ur reply.
this is only for tax benefit. so registration is not required. thanks for ur reply.
jaya krishna
(Querist)
06 May 2015
sir,
it means proprietary or firm registration is not required. thanks for ur reply.
it means proprietary or firm registration is not required. thanks for ur reply.
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