TaxTMI 
TaxTMI 
Diognostic center( lab ) receipts constitutes whether professional or business receipts
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....iognostic center( lab ) receipts constitutes whether professional or business receipts<br> Query (Issue) Started By: - TALLURI SRINIVASA RAJU Dated:- 12-2-2015 Last Reply Date:- 17-2-2015 Income Tax<br>Got 1 Reply<br>Income Tax<br>sir, My client a pvt ltd company was incorporated on 23-05-1991 with an object to do business in providing Lab facilities like blood investigations, urine investigation....
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....s, X- ray, ECG and all types of medical tests to the needy people. All the tests will be done by semi qualified people like diploma holders in Lab Technology and not by the qualified doctors. As per the provisions of Sec 44 AB audit is to be conducted of a person if his gross receipts exceeds ₹ 1 Crore in case of business and ₹ 25 Laks in case of profession . In our Company, our gro....
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....ss receipts for asst.year 2012-13 is ₹ 41,86,745 which includes charges received from patients in providing tests by semi qualified persons having only diploma qualification. the assessing officer issued a notice u/s 271B treating Lab receipts as professional receipts and wants levy penalty @ 5 % of gross receipts. In theis background i request u to give correct legal position with regard ....
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....to Lab receipts whether constitutes professional or business receipts with supporting case laws thanking you SRINIVASA RAJU TALLURI Reply By SEETHARAMAN R: The Reply: "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 ....
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....earned by the persons through their intellectual or manual skill. It is a Private limited Co. formed to do business in providing lab facilities and tests done by semi qualified people, income earned by it is only a business income based on the above definition.<br> Discussion Forum - Knowledge Sharing ....