As the provisions of sec. 44AD does not apply to Professionals.................If I take Tuitions at home then can I assess my Income on presumptive basis or under sec 44AD
If I run a coaching center then can the sec 44AD applies to me...............
Do these activities are profession? What are the def. of profession in respect to sec. 44AD? Please give names of them.........
Kindly answer my query
Hi Amit,
Hope my reply will help you.
A Profession is one where the acquired knowledger/expertise is applied in an Activity and thereby resulting in Earnings. In tax parlance, Income.
Whether you teach at Home or through an organisation(coaching Center) does not matter, you apply your skill to Earn something. It is Profession.
You cannot consider this under presumptive basis, as you can verywell track the Receipts and Payments.
Hope you understood....
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