Penalty for breach of law is not tax-deductible
The Income-Tax Act provides for deduction of any expenditure that has been incurred for the purpose of business, subject to certain condition laid down. The expenditure should have been incurred in the same asstt. year of claim and should not be in the nature of personal expenditure.
Chatting up truck drivers sets him off on road to success
His first assignment was chatting up truck drivers on the highways and talking to them about tyres. The bits Anil Dhaneshwar picked up from the truckers formed the cornerstone of the market research report presented to a tyre manufacturer and ever since he has been on the road to success.
Net Working
Looking for finance, tie-ups, franchises and new openings? Here are some possible opportunities culled this week. Pursue at your own risk. Opportunities include:
Good business awaits cost accountants
New vistas are opening up for the practising cost accountants today, and the profession that had suffered from a poor-cousin image in the accounting fraternity is set to get its exclusive domain in the changed scenario.
Shop at the post office
It could happen that when you visit a post office to buy stamps or mail a letter you may suddenly be reminded of a friend's birthday. But, you may not be inclined to make a trip to some other place to purchase greeting cards or a small gift for your friend. The postal department has an alternative place for you, called `Post Shoppe', where you can buy your gifts.
Movers Shakers
Mankad takes over as secy, I&B. FM on Board of African Development Bank. Energy award for V Bakthavatsalam. Shyamal Datta to be IB chief. RS Mathur gets new appointment.
