wealthymatters

Income Tax And The Depreciation Of Motor-Vehicles

September 24, 2013 6 Comments

wealthymatters If you are carrying on a business or profession one of the major instruments of reducing taxes is to claim depreciation on the purchase of your vehicle.

Any expenditure incurred for the purpose of the business is allowed as a deduction from your business profits; as such, expenditure incurred on a vehicle used in the business viz fuel expenses, repairs & maintenance expenditure, vehicle insurance are allowed as deductions. Besides, in computing income from business one of the most important items of allowances is the allowance for depreciation, provided by Section 32 of the Income Tax Act.

Depreciation is a non-cash expense which results from the reduction/diminution in the value of certain capital assets including vehicles etc. This deduction towards depreciation is very essential to arrive at the Income from Business/profession of the taxpayer and also to amortize the capital cost of the amount invested in business assets like factory building, machinery, plant, furniture, vehicles etc. The purpose of allowing depreciation is to provide in the course of time for replacement of the asset which is allowed to be depreciated over a period of time. Read more of this post

Filed under Alternative Assets, Entrepreneurship, Tool Kit Tagged with depreciation, depreciation of vehicles, income tax, postaday, presumptive taxation scheme u/s 44AD of the Income Tax Act, saving tax, Section 32 of the Income Tax Act, Written Down Value

Salaries Of Non-IIT Engineering Graduates

September 24, 2013 Leave a comment

There are thousands of engineering colleges in India and lakhs of freshly minted graduates pass out of them every year.Obviously this represents a wide variety of engineering talent and not all graduates ,looking for jobs,manage to find one of their choice or earn their dream salary.But even if you don’t make it to the IITs,don’t despair,all is not lost,The lakhpati salaries can be landed even in the non-IIT campuses,as long as you are in the crowd that lands a job.But do remember we are talking CTC.

Following is a list of noteworthy salaries from various non-IIT colleges:

National Institute of Technology (NIT), Warangal-Facebook offered a computer science student an annual salary of $135,000 (approximately 84.6 lakh) during the ongoing placements — a record for the institute. Last year, the highest offer at the institute — at $100,000 (then 60 lakh) — came from Microsoft. This year Microsoft is offering those posted at headquarters a salary of $120,000 (75 lakhs).Google is offering a salary of $100,000 (around 63 lakhs), sweetened by a 15% bonus and 125 company stock units. Read more of this post

Filed under Tool Kit Tagged with Allahabad, Amazon, campus recruitment, CTC, DE Shaw, Delhi Technological University, Directi, Ebay, Facebook, Flipkart, Goldman Sachs, Google, IITs, Jadavpur University Kolkata, Microsoft, Motilal Nehru National Institute of Technology (MNNIT), National Institute of Technology (NIT) Waranga, NIT Surathka, postaday, salaries of engineers, salary, Vellore Institute of Technology’(VIT), Works Applications, Yahoo

Shades Of Nagarwala?

September 23, 2013 Leave a comment

wealthymatters

As soon as I read of the PSU employee impersonating Sonia Gandhi on the phone and trying to influence the coal allocation case in today’s papers,Link,I was reminded of the old Nagarwala scandal.Link.

In this case too, I suppose ‘We the People’ can’t be sure we are going to hear the whole truth.

But most definitely both cases show what miracles the name Mrs.G likely accomplishes,Never mind whether it was the senior Mrs G or the current one!

Gets one wondering what all is got done in the country in the name of Mrs,G……….

Filed under Tidbits Tagged with coal block allocation scandal, coal gate, impersonating Indira Gandhi, impersonating Sonia Gandhi, Nagarwala case, Nagarwala scandal, name dropping, postaday

Quote Of The Day

September 23, 2013 Leave a comment

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‘People love to put you down.Prove them wrong.’-Guy in this novel

Filed under Theory, Tool Kit Tagged with how to deal with being put down?, Monday To Friday Man -Alice Peterson, postaday

Rajiv Bajaj On Strategy

September 22, 2013 Leave a comment

wealthymatters Ask Rajiv Bajaj what is strategy and he sums it up in a word: specialization. And that relentless focus on what you do best calls for “sacrifice” — of what self-styled experts and rivals, and even what daddy (Rahul Bajaj), thinks is best. In business terms, it meant exiting scooters — a segment many believe still has steam for growth — and narrowing the vision to motorcycles. “You can play 10 games and be the best in Pune or concentrate on one and be the best in the globe,” explains Bajaj. “It [the strategy] is the alignment of the front end with the back end. It is more about what you choose not to do rather than what you choose to do.” Read more of this post