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Audit of coaching institurtion
The assessee is running a Coaching Institution and he is the Director of it. The fee receipts of the institution for FY 15-16 is approx. Rs.36 Lacs.
My doubt is whether he is liable for Tax Audit u/s 44AB considering the income as his professional income or this would be his business income?
Thanks
Replies (1)
In the publication of the Fiscal Laws Committee of the ICAI,titled "Issues on Tax Audit",it has been opined as follows :-
(a) Educational institution run by a person who does not possess any professional qualification will fall in the category of business.(b)Coaching classes run by a chartered accountant or a person possessing professional qualifications will fall in the category of profession.
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