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Is it profession & business
Replies (2)
The said business come under rendering of services and thus they are charged under income from Proffesion and not business. Apart form this he is not liable for tax audits since the limits form AY 2012-13 is 25 laks.
Check for service tax aplicabilty also since he has crossed 10 lakhs..
Basis for my decision = the word chartered is used as a person who possess specialised skills in a particular area. He thus becomes a proffessional.
Agreed with Karan....
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