Tag Archives: #IncomeClassification

How should restaurants and hotels classify their income for ITR purposes?

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 »

What is the difference between revenue and tax?

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 »