ITR Revenue Categorization ITR Revenue Categorization, Restaurants and hotels need to categorize their earnings as either ‘business income’ or ‘professional income’ when filing for ITR. Business income is the income that a business derives from its operations, while professional income is the income that a professional derives from their services. In general, restaurants and… Read More »
Heads of income Under the concept of total income, there are various heads or categories of income that are considered for the purpose of computing an individual’s or a business’s overall income. The specific heads of income may vary depending on the tax laws and regulations of a particular country. However, the common heads of… Read More »
Introduction Revenue and tax are two crucial financial concepts, often confused due to their interrelation. Revenue refers to the total income generated by an entity, while tax is a mandatory financial charge imposed by the government. This article will provide a step-by-step guide on their differences, applications, benefits, limitations, and a cooperative table comparison. Definition… Read More »