Chandigarh E VAT Online Filling

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Training Education of Partner allowed as deduction

Madras High Court in the case of Addl. CIT v. Southern Leather Industries, 164 ITR 194, held expenditure incurred by partners of a firm for undertaking foreign tours to attend an international trade fair, as revenue expenditure. Calcutta High Court in the case of Hindustan Aluminium Corporation Ltd. v. CIT, 159 ITR 673, held that expenditure incurred on training of employees in the USA in running an aluminium factory was held to be an allowable deduction.

Madhya Pradesh High Court in the case of CIT v. Kohinoor Paper Products, 226 ITR 220 found that the expenditure incurred was not in the nature of capital expenditure or for personal expenses, but was expended wholly and exclusively for the purpose of business of the assesse.

Salary Negotiation at the time of Interview

Almost all of us have been into the experience of negotiating salary but how successful have you been in achieving the target that you had set for yourself. One of the main criteria is to how to get the best possible offer out of an organization.
Here are few steps for our readers to land up to their expected salary.

1. Research the normal salary range for this type of position.

Make sure you have your research work in place. Find the actual salary guidelines for the job grade or position. You can also have a look at what other companies are paying individuals with your skills and education by checking out third party research. Moreover there are a variety of salary surveys that you as an individual can access over the Internet. Go for browsing job postings and classified ads.

2. Have a Range Rather Than a Single Figure

When pressed for your salary requirements, you should always be sure to offer a range based on what others in the field are earning, rather than a single fixed number. This will provide a flexibility of bargaining both to the organization as well as you.
It is very important to determine where to draw the line. Hence when you are negotiating for fees or salary you need to find your absolute minimum, which is the lowest amount you can accept in order to be happy, live in relative comfort life. Going lower than this figure, almost regardless of any other factors, should be entirely unacceptable to you.

3. Don't Sell Yourself Short

One common mistake when talking about previous salary is forgetting to include benefits as part of your total compensation. Hence do take the generous benefits also into account. Take the best you deserve out of the offer and do not hesitate to put that forth.

This will prove useful if you find you are not able to negotiate on the amount of money you are earning. For example, if you are coming from a job where you had five weeks of paid vacation to one where you will only have two, negotiating more time off might be easier than winning a higher salary.

However if you are coming out of unemployment, do not expect to have as much negotiating power. In fact, you might have to settle for less. If it seems to be a life time opportunity grab it and handle the low ball offer in a smooth way.

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Distribution carry fwd of Loss in Partnership Firm

What is treatment of losses in partnership firm’s IT return? Is the loss carried forwarded in next year? Or divided among partners as per sharing ratio?

Loss is carried forwd ion the IT return of the firm.


Business loss can be carried forward for a period of 8 years following the previous year, provided you have filed the IT return within due date.
This can be set off only against business income arising during the period of the next 8 previous years.
Loss cannot be distributed to partners of the firm... it must be carried forward by partnership only.... But there is one section 78 of income tax act to look into.. The loss attributable to a retiring partner's share cannot be set off or carried forward by the firm.... Nor the share in Firm's loss can be carrd forwd by the retiering partner in his individual return.
However, this condition does not seem to cover unabsorbed depreciation.

Things we didnt knew about India

The world's highest cricket ground is in Chail, Himachal Pradesh which was built in 1893 after leveling a hilltop. This cricket pitch is 2444 meters above sea level.

Tawang Monastery located in Tawang district of Arunachal Pradesh in India is the largest monastery in India and the second largest in Asia. The monastery is 3 storeys high and occupies an area of 140 sq m.

Taj Mahal in India, one of the 'Seven Wonders of the World'

Majuli, a river island, is situated on the river Brahmaputra in Assam boasts of being the largest river island in the entire world. People continue to live heredespite of the threat of being washed away every year. Majuli had a total area of 1,250 square kilometres (483 sq mi), but having lost significantly to erosion it has an area of only 421.65 square kilometres (163 sq mi) in 2001.

India has the largest number of Post Offices in the world.

India is the only country other than U.S. and Japan, to have built a super computer indigenously.

The world's first university was established in Takshila in 700 BC. More than 10,500 students from all over the world studied more than 60 subjects.

Talking Clock

While proudly showing off his new apartment to friends, a college
student led the way into the den. "What is the big brass gong and
hammer for?" one of his friends asked.

"That is the talking clock," the man replied.

"How's it work?"

"Watch," the man said and proceeded to give the gong an ear shattering
pound with the hammer.

Suddenly, someone screamed from the other side of the wall, "Knock it
off, you idiot! It's two o'clock in the morning!"

Discussions to be avoided in Office

5 Things not to be shared in Office

8 hours a day and 5 days a week, office has become second home for most of us. In that context we also end up having best buddies at office. We are often so attached to office and office colleagues in our lives that we end up discussing almost everything under the sun with them. But how many of us have thought, what is healthy to share with them? Though there are your best trusted friends in office, there is always a line which needs to be drawn between you and your colleague.

Here are the things that you should avoid discussing with your formal colleagues

Salary

Most companies do not like their employees discussing their salaries. What you earn should always remain between you and your HR Manager. Also knowing each other's salary will only end up in doubts and discomforts about your company and work as you may feel that the company is biased or partial.

Workload

When you are burdened with loads of work, out of frustration you might burst out your problems to your colleague. But doing so might jeopardize your career. Constant cribbing

about the workload would only brand you as an inefficient worker and portrays you as a person who cannot work under pressure. Workload is something that you cannot avoid in a workplace. Be smart and finish the work as best as you can. It is all about planning.

Disagreements with your Boss

You hate your boss? Zip it up within yourself and never share it with your friends at office. You don't get along with your boss - so what? There are hundreds of employees in the world like you. You have various reasons for not getting along with your boss, but it might not be the same for your colleagues. In fact, they might have a very good rapport with your boss and they may be in his good books.

Biased views about other colleagues

In a workplace, everyone have some kind of disagreement or argument with someone or the other. In a way you end up not liking that person as well. But we still have to maintain a cordial relation and certain decorum in office. If you don't get along with certain colleagues avoid them but don't discuss their lives, wardrobe or professional abilities with others.

Discussing personal stuff

This is a very important rule in the black book. Discussing your breakups, difficult in-laws, are not information to be shared with colleagues over lunch or cried over their shoulders. Also speaking about boy/girl who interests you in office will show that you are not concentrating on your work and your focus is shifting. Knowing your personal stuff, your colleagues might make a fool out of you and also might take advantage of it at times. In an office environment, one is expected to share a professional relationship with all.

The above are certain topics that could rebound on you and negatively affect your career growth. It's human nature and we tend to do the above things under certain pressures and circumstances. But all we need to do is avoid falling for temptation.