Tax Audit
This query is : Resolved
JACOB BABOO
(Querist)
27 October 2008
I have one client Company
They are engaged in development of Software. ie. customised software
My question is whether for the purposes of tax audit the software development is considered as business or profession
They are engaged in development of Software. ie. customised software
My question is whether for the purposes of tax audit the software development is considered as business or profession
Reetika Goel
(Expert)
27 October 2008
Development of Softwares is a service provided by an individual/company. So, it is considered as a Profession.
27 October 2008
Seems Jitender is correct. In other words it is business and not profession.
JACOB BABOO
(Querist)
28 October 2008
What is final wording
Which limit is applicable 10 lakhs or 40 lakhs for the purpose of audit
Which limit is applicable 10 lakhs or 40 lakhs for the purpose of audit
S.Srinivasaraghavan
(Expert)
28 October 2008
Any vocation by exercise of a purely intellectual or manual skill is a profession.
SANJAY VERMA
(Expert)
28 October 2008
agree with warrier. it is a business.
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