Tax audit for coaching classes
This query is : Resolved
21 December 2013
Hello,
We(Firm having 3 partners one is CA, CWA & CS) who all are professionals, have started a buisness of coaching classes but we dont separate practice @ individual level.
So are we liable under limit of 25 lacs or 1 cr under sec 44 AB?
I tried @ various ends but i got contradictory answers?
We(Firm having 3 partners one is CA, CWA & CS) who all are professionals, have started a buisness of coaching classes but we dont separate practice @ individual level.
So are we liable under limit of 25 lacs or 1 cr under sec 44 AB?
I tried @ various ends but i got contradictory answers?
22 December 2013
Pradeep,
I believe you get hit by definition of profession. However to avoid it, you can let your family members/wife to be partners and you three can act as paid teachers. In such a case, it has to be considered as a business.
I believe you get hit by definition of profession. However to avoid it, you can let your family members/wife to be partners and you three can act as paid teachers. In such a case, it has to be considered as a business.
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