I recently had a client ask me to explain to his management team the difference between a Business Intelligence (BI) Analyst and a Data Scientist. 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 primary motive of a businessman is profit. Following are the main difference between business and profession. Ask your question. Q.1. The professionals are mainly of two types. Key Features of a product. Vs. CIT (1952) 22 ITR 316 (All) observed that the main difference between ordinary commercial business and profession lies in the amount of knowledge or skill employed in carrying it on though that may not be the sole criterion. Log in. People remain especially confused between vocation and profession as they have similar meanings and often used interchangeably by people. Ask your question. An artificial body like a company or partnership firm cannot possess any personal skills required to practice in a profession. There is no legal bar to run a hospital or nursing home by non-doctors by engaging the services of doctors. Minimum qualification → No qualification is required to start a business. It refers to work that one does because of a feeling of deep affinity, attraction and/or talent. The main difference between business ethics and personal ethics is that business ethics are the code of conduct imposed on an employee or a member of a certain profession whereas personal ethics are the code of ethics that govern an individual’s whole life. 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. The doctors,accountants and professor fall in the category of professional. 44AA deals with the professions that required to maintain books of accounts are. 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. What is the difference between Drafting and Conveyancing? A. What is the difference between business and professional income on the T2125? The business and the profession are interlinked, but they are separate. 1. However, research on both is extremely … Employment Ans. gyaneshwarrao75 gyaneshwarrao75 19.07.2020 Business Studies Secondary School +5 pts. Qualifications: In a business, there are no prescribed qualifications for the businessman except that … After receiving a professional or academic degree, you are free to do any job. 2. Examples are Chartered Accountants, Doctors, Advocates, Engineers, Cost Accountants and Company Secretaries. The term ‘career’ is derived from the Latin term ‘carrus’, meaning wheeled vehicle. Difference between business employment and profession explain. Because competence in one does not mean competence in the other. What are the licensing requirements for starting an online food delivery service in India? Both have the basic applications like Word, Excel, Powerpoint, and OneNote. There is no rigorous code of conduct and ethics to be followed by a businessman. Business … What are Personal Ethics. The values that you define for yourself are up to you to be followed or not to be followed. 2(36) of Income Tax Act, “profession” includes vocation. Because, an artificial body can not possess any personal skill required to practice a profession. The businessman need not have expertise knowledge in his field of … “Please contact your local careers center for informatio… Transfer of interest is possible in case of business. Generally, economic activities are divided into three major categories: But sometimes people get confused when categorizing economic activity as either business or profession. The reward for business is known as profit. Educational or professional degree or specified knowledge is required in case of profession. © 2020 LegalWiz.in - LegalWiz.in is the leading provider of personalized online legal solutions & legal documents in India. Class-11-commerce » Business Studies. c) Economic,Social and Human objective of Business. Advertisement: Advertisement […] But Student doesn’t have the Outlook, Access, and Publisher applications that you would otherwise find in the Professional. There are a number of key differences between an occupation and a profession. Imagine you enjoy knitting in your living room in your spare time. The Allahabad High Court in P. Stanwill & Co. It follows that if a creditor holds a liability against the business, then the creditor cannot pursue the owner individually because the owner is distinct from the business. However many do not know the difference between the two words. 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 major difference between the two concepts is that a product is tangible while a service is intangible. The professional man provides the services of specialized nature to the people. A professional, on the other hand, cannot advertise except displaying a name board in front of his office. Job is a position that a company gives you based on your qualifications. → Profits in business is the only criteria of efficiency. 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