19 July 2014
Dear Expert, An individual carries on two type of business :- 1. House Keeping Services 2. General Stores (Stationaries)
I have the queries :- 1. Do i have to treat it as Business & Profession separately ? 2. For calculating Turnover for Tax Audit purpose..do i have to club both the businesses turnover ? 3. What type of Service is House-Keeping Services ?
20 July 2014
THERE IS NO PROFESSION. BOTH ARE BUSINESS. FOR AUDIT UNDER SECTION 44AB TURNOVER OF ALL BUSINESS HAS TO BE CLUBBED TOGETHER. IT IS NOT A SERVICE BUT A BUSINESS. PLEASE NOTE DOCTOR IS A PROFESSIONAL BUT NURSING HOME IS A BUSINESS.
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