Interest is not considered professional income in India. Professional income refers to income earned by individuals from their professional activities, such as salaries, fees, and commissions.

The minimum threshold limit for professional income to be taxable in India is Rs. 2,50,000. If an individual's professional income exceeds this limit, they are required to pay income tax on the excess amount.

Rent paid for office space is an allowable deduction from professional income. Travel expenses related to professional activities can also be claimed as a deduction. Entertainment expenses and personal expenses are not deductible.

To claim a deduction for depreciation on professional assets, all of the following conditions must be met: the asset must be used exclusively for professional purposes, it must have a useful life of more than one year, and it must be purchased new.

The due date for filing income tax returns for professional income is July 31st of each year.

A penalty of Rs. 1,000 is imposed for late filing of income tax returns.

Interest at the rate of 1% per month is charged on outstanding income tax dues.

Non-payment of income tax dues can result in attachment of property, freezing of bank accounts, and even imprisonment.

The Goods and Services Tax (GST) in India aims to simplify the tax system, increase tax revenue, and reduce tax evasion.

Value Added Tax (VAT) is not a type of GST. GST is a comprehensive indirect tax levied on the supply of goods and services.

The GST rate for most goods and services in India is 18%.

GST offers several benefits for businesses, including reduced compliance burden, increased efficiency, and improved competitiveness.

The due date for filing GST returns is the 10th of the following month.

A penalty of Rs. 100 per day is imposed for late filing of GST returns.

Interest at the rate of 1% per month is charged on outstanding GST dues.