Hello everyone,
I am creating an online quiz website for students and professionals. These online quizzes will help an individual to access their learning/knowledge on a particular subject (mostly IT subjects). These quizzes will be a timed test environment where a learner can answer questions and at the end can get result of the test (fail or pass). There are no video content presented on our site. Just plain Mulitple-choice questions and answers.
Our business model offers a FREEMIUM plan to our users. i.e. They can simply access a part of any quiz on our website for FREE. And if they like the content, they can go ahead and purchase the complete quiz.
This will be a global website where students can register and purchase our full quizzes from all over the world.
I am planning to go for a Partnership firm with one of my friends and have this website run under a Business name as will be mentioned in the partnership deed.
Here are a few questions regarding tax planning:
- Can we (partnership firm) take tax benefits under the 44AD clause?
- We would not like to go for maintaining books and doing audit as we wan't to focus on creating more quizzes online. 44AD does mention that there is no need for maintaining books and performing audits if the total turnover is less than 2 Crores. Is this true?
- I also looked at 44AA(1) on the type of professions/business required to maintain books of accounts. Among the listed professions I can't see a direct mention of the type of business we can going to do. Ours is majorly an e-learning website. Does this category fall under 44AA(1)?
I thank you in advance for taking our time and answering these questions for me. I hope I was able to put up my queries as clear as possible.
Look forward to your valuable insights.
Thanks and regards,
Adnan
CAclubindia
