Hi,
I teach at a few educational institutes as a consultant. I do not own those institutes. I am also registered as a GST consultant. So far I have been showing my business code as 14009. But that disallows me to get beenfit under 44ada. Is 14009 the right code for me?
Should I be using some other code and get benefit under 44ada?
Please let me know.
Regards,
Ramesh
Just to add I teach for data science coaching institutes typically for working professionals.
Also, I file my GSTR1 under HSN=999293.
For example, do these codes apply to me?
Other software consultancy == 14002
Engineering and technical consultancy == 16005
Literary activities == 20011
Or any other 44ada code?
Especially given this article https://economictimes.indiatimes.com/wealth/tax/tax-queries-does-teaching-profession-qualifies-for-presumptive-taxation-at-50/articleshow/57887440.cms?from=mdr what do you think?
You can consider code 16005.
see if you think your services are more aligned for 14009, then you actually benefit more as Income-tax department considers 14009 as 44AD bsuiness. Hence, you can offer much lower % of income as profit.
Thank you. But I could be eligible for Section 44AD only if the activity is considered a business (e.g., running a coaching center or institute)? right?
Can offering professional services, and not running a business be considered a business?
CAclubindia
