Yet, these two types of writing actually share many attributes, and learning to write in one can help you excel at the other. Profession: Requiring special knowledge & skill to be applied by individuals in their occupation is called a profession. 50 lakh in case of a profession. → Service first, profit second is … The points of difference between business and profession are given below. The professionals are mainly of two types. 02/07/2017 02:30 pm ET Updated Feb 08, 2018 What is the difference between a businessman and an entrepreneur? Difference in Educational Qualifications, 5. 44AB is required if annual turnover or gross receipt exceeds Rs. Business Ethics are learned when a person joins an organization. Acquisition. How to Select Business Structure for Starting a New Business? But if it is owned by a Company or it is a Partnership firm then it will be treated as ‘Business’ because –, Case reference: Income Tax Officer V. Ashalok Nursing Home (P) Ltd. 2006. Business Ethics are the code of conduct imposed on an employee or a member of a certain profession. ADVERTISEMENTS: This article will help you to differentiate between business and profession. Generally, economic activities are divided into three major categories: But sometimes people get confused when categorizing economic activity as either business or profession. 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With some minor variations, business letters usually have 1-inch margins. Sec. Generally transfer of interest is not possible in case of profession. If Nursing Home or Hospital is owned by an Individual then it will be treated as ‘Profession’. He may or may not be a member of any trade association. Difference in Expert in the Field In that case it is deemed to be a business. Service motive is a secondary one. The style guidelines are different, the tones are different and the audiences are certainly not the same. The difference between occupation and profession can be stated with a simple example: Designing a building would be called a profession, whereas, constructing a building is an occupation. But it’s really difficult to pin down what people want to change and why. Bookkeeping vs Accounting - 8 Major Differences. © 2020 - is the leading provider of personalized online legal solutions & legal documents in India. Recent college graduates often struggle with the difference between academic and business writing. Because, an artificial body can not possess any personal skill required to practice a profession. Personal Ethics are the code of ethics that govern an individual’s whole life. Occupation is a neutral term which is used broadly. Even so, “trade” is explained as the practice of some occupation, business or profession habitually carried on. Objective: The prime objective of a business is to maximise the profit. Overview: Love numbers? Therefore, writing in business contexts can best be described as "writing to do." Advantages and Requirements for IEC for Indian Businesses, Advantages and Disadvantages of E-Governance, Wholly Owned Subsidiary: Features and Functions, Copyrighting in modern business: How and when to copyright your work. Differences between Academic and Professional / Business Writing. Business means to earn profit by supplying goods and services, whereas profession is an advice or service rendered by one or a group of persons which does not include manufacturing or selling of goods. The choice between these two styles depends on the management, field, and various other factors. The professional, on the other hand, has to perform the duties personally. Generally, Income & Expenditure a/c is maintained in case of Profession. So, finally it can be said that sometimes a profession (e.g. Employment Ans. Advertisement: Advertisement […] While career encompasses all the jobs, business or any other type of work performed by an individual during his life, the profession is an occupation for which a person should have good knowledge and expertise, to provide services to others. Select a ServiceStarting a New BusinessTrademarks & CopyrightsChange in BusinessTax Registrations & FilingsLegal DraftingBookkeeping & CompliancesOther. The businessman need not have expertise knowledge in his field of business. No minimum qualification is required in case of business. are among the vast examples of business. The two types of writing do have a … Profession is an economic activity where people work with their knowledge and skill. Formal language is less personal than informal language. 44AA deals with the professions that required to maintain books of accounts are. I am not an accountant or a licensed professional but my billing would be similar to an accountant in that I may have work-in-progress income at year-end. The letter is left justified with no paragraph indentation. Formal and informal language serve different purposes. 2(13) of Income Tax Act, “business” includes any trade, commerce or manufacture or any adventure or concern on the nature of trade, commerce or manufacture. The difference between business writing and academic writing mostly comes down to style. Tax audit u/s 44AB is required if gross receipt exceeds Rs. While there is no fault in using these words as synonyms, there is a slight difference between occupation and profession. Differences between Business and Profession 1. Profession 3. Occupation and Profession are two words that are often used interchangeably. A layman can start a business. Keep in mind the "business" part of business casual, and leave your old comfortable clothes at home. The key difference between business casual and business professional is their level of formality; business professional is more formal than business casual and requires a suit. What is Business Casual? Specialised Knowledge: No specialised knowledge is required for a business. It is used when writing for professional or academic purposes like university assignments. They also have single spacing, with double spacing only between paragraphs and introductory data lines (e.g., date, subject). So, let’s get some clarity regarding the terms – business and profession. The primary motive of a businessman is profit. 4. The accounting field has several potential career pathsand this degree will equip you to pursue different types of accounting, audit or tax-related positions within a variety of org… Business and Profession | Meaning | Differences, Differences between Business and Profession, 1. According to sec. for presumptive income scheme u/s 44AD) in case of business. will not be considered as a profession if that professional service is given by a company or a partnership firm or any other artificial body. An artificial body like a company or partnership firm cannot possess any personal skills required to practice in a profession.

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