Definitions - Professionals

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..... Definitions - Professionals
Query (Issue) Started By: - TUSHAR SHARMA Dated:- 23-11-2009 Last Reply Date:- 25-11-2009 Income Tax
Got 2 Replies
Income Tax
defination of professionals under income tax act Reply By Rama Krishana: The Reply: Under section 44AA the meaning of professional is, "Every person carrying on legal, medical, engineering or architectural profession or the professi .....

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..... on of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette." Further under section 194J, the term professional is under, "(a) "professional services" means services rendered by a person in the course of carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical .....

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..... consultancy or interior decoration or advertising or such other profession as is notified by the Board for the purposes of section 44AA or of this section;" Reply By DEV KUMAR KOTHARI: The Reply: Please go through at least S. 2 and also the subject index found on back side of any standard book to find out where the particular word has appeared in the book. Please do some home work before putting v .....

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..... age queries. A little exercise by you could have enabled you to enrich others by information gathered by you instead of raising a silly question - I say so considering your profitle. I hope you do not mind for a friendly criticism. As per S.2(36) of IT Act :"profession" includes vocation. Thus definition is inclusive and wide. However this is subject to context. Therefore, the purpsoe for which yo .....

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..... u are looking at meaning is important. Mr. Ram Krishna has rightly pointed out two important provisions in this regard. The meaning of profession and vocation is also important to compute income under pfroper head of income. Many people are wrongly considering income under head other sources of many type which should strictly fall under head income from bsuiness or profession for example directr .....

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..... oship fees/ directros remuneration (unless it is in nature of salary), commission, brokerage, tuition fees, part time free lancing as steno, consultant,doctor , nurses, etc. Let us share knowledge and experience to built up better info-base.
Discussion Forum - Knowledge Sharing .....

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