The dictionary meaning of profession is quite different from the meaning under Income Tax Act. As per the income tax only the following are considered as profession
- Legal : Lawyer / Advocate / Notary Public
- Medical : Doctors / Dentists
- Engineering : Civil / Mechanical / Software
- Architectural Services : Architect / Interior Designer
- Accountancy : Chartered Accountant / Company Secretary / Cost Works Accountant / Tax Consultants
So broadly income under business or profession can be differentiated in the following manner
- Business : Retail / Wholesale / Manufacturing (Anything to do with goods)
- Profession : As mentioned above
- Services : Everything else which are not covered above
The understanding is very important with respect to declaring of income on presumptive basis.
