fact of the Case :-One Assessee is an MBA from IIM. He is rendering management services and For F.y.09-10 his Gross Receipts are exceeding 10 lakh but below 40 lakhs.
Query:- Whether he is a Professional? or a businessman?
Sec. 44AA defines Professional to include Technical Services. whether Management Services are within the ambit of professional?
ya definately.. he is providing a professionl services . if gross reciepts exceed Rs.10,00,000 then tax audit is required.
and there is TDS and service tax is also applicable.
Dear Seema,
Services of a MBA will be classified as "Profession" & not as "Business" for the purposes of 44AB.
Dear Seema,
If he is rendering the services in the name of profession than only.. He should be billing the company in the form of profession like a CA do....
| Originally posted by : Shivang | ||
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Dear Seema, If he is rendering the services in the name of profession than only.. He should be billing the company in the form of profession like a CA do.... |
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| Originally posted by : RAJEEV | ||
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ya definately.. he is providing a professionl services . if gross reciepts exceed Rs.10,00,000 then tax audit is required. and there is TDS and service tax is also applicable. |
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Dear Seema
as per IT Act management sevices are also considered as professional sevices. Therefore if gross receipt is more then 10 Lacs, tax audit is must.
ya agree with all, it will come under ambit of professional service, so 10 lakh limit will apply.
Professional service
YES ITS A PROFESSIONAL SERVICE
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