Income from Business and Profession

If I am self-employed, doing any business, small or big, from a kirana store or a sweet shop or vendor, to a big multinational, I fall, rather rise, in the category of business. Similarly, I may have a professional expertise or degree, and doing my own practice or earning from such profession. Like a lawyer, […]

The objective of this module is to introduce (only introduce) how  the ‘Profits and Gains from Business and  Profession’ scenario works. We will go this session the following way: What is Income from Business and Profession The Books or Records Requirement The Normal business or profession scenario Basis or method of accounting The No Books