Dear All,
Jewellery designing is a profession or business under income tax act, 1961???
Regards,
Manoj
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Whether business or profession???
Replies (9)
Business is where goods are bought and sold. In your case if the jeweller purchases articles then gives a shape of design then it shall be business only. If the jeweller takes goods only for designing then it becomes a profession
Jewellery designing is similar to costume designing. It is a profession.
its a profession nd nt a business
yes it is a profession
profession !!
:O
| Originally posted by : praveen | ||
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Business is where goods are bought and sold. In your case if the jeweller purchases articles then gives a shape of design then it shall be business only. If the jeweller takes goods only for designing then it becomes a profession |
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Business :
“Business” simply means any economic activity carried on for earning profits. Sec. 2(3) has defined the term as “ any trade, commerce, manufacturing activity or any adventure or concern in the nature of trade, commerce and manufacture”.
In this connection it is not necessary that there should be a series of transactions in a business and also it should be carried on permanently. Neither repetition nor continuity of similar transactions is necessary.
Profession :
“Profession” may be defined as a vacation, or a job requiring some thought, skill and special knowledge like that of C.A., Lawyer, Doctor, Engineer, Architect etc. So profession refers to those activities where the livelihood is earned by the persons through their intellectual or manual skill.
Going through the definition,Praveen is right..
According to sec 2(36) profession include vocation.
Vocation include activities which are performed by a person on account of his natural ability and skills.
Since designing of jewellary is needs some spelised skills, so it is a profession for the designer.
| Originally posted by : praveen | ||
|
|
Business is where goods are bought and sold. In your case if the jeweller purchases articles then gives a shape of design then it shall be business only. If the jeweller takes goods only for designing then it becomes a profession |
|
agree...
yes it is a profession
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