"Chartered Accountant in practice having core competencies in the fields of Audit, Project Planning, Direct and Indirect Taxation, Incorporation and Registration formalities of entities. Areas of Specialisation include Company Law, Start-ups and International Taxation. I'm also an active volunteer for social welfare causes such as afforestation, animal welfare, pollution control, blood camps and other educational programmes."
Activities concerning goods come under the definition of business whereas activities concerning services can come either under business or under profession. It is important to note that under the Income Tax regime, the definitions of ‘business’ and ‘profession’ are inclusive. This means that the Income Tax Act does not have clear-cut guidelines which categorises the services under business or profession.
Budget 2022 was an interesting Budget. There were different expectations from various stakeholders of the Indian Economy. While Salaried individuals expect an increase in the threshold limit of deductions available under Section 80C, 24(b), HRA and the like, business class expect operational reforms in the areas pertaining to indirect taxes. While MSMEs expect increased support […]
