Nature of business as per income tax
This query is : Resolved
Mohammed Faizan Malik
(Querist)
26 July 2014
a person who has taken a hotel(lodge)in rent and manages all affairs and pays rent to owner. what nature of business shall be selected when he wills to file return ???
27 July 2014
What is the source of his income? You have only stated he pays rent and manager all affairs but where is the source of Income? Through which activity he earns income?
Mohammed Faizan Malik
(Querist)
01 August 2014
Obviously wen he has taken hotel in rent his source of income will be hotel income for which he is paying rent.
01 August 2014
Income will be taxable under the head Profit and Gains of Business or Profession.
Nature of Business to be selected in ITR - 0708-Hotels
Nature of Business to be selected in ITR - 0708-Hotels
Rupesh Jain
(Expert)
02 August 2014
you file rerun under head income from business an profession.
Rupesh Jain
(Expert)
02 August 2014
you file rerun under head income from business an profession. under ITR-4
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