#section 35D

[ebizfiling01]

Section 35-D of Income Tax Act

Introduction

Taxes can be quite complex, and they're a big part of how our government operates and provides services. In India, there's a law called the Income Tax Act that helps regulate how taxes work. One important but often misunderstood part of this law is Section 35-D. In this blog, we'll break down Section 35-D in simple terms, so you can understand why it matters and how it can benefit you.

What is Section 35-D? 

Section 35-D is a special rule in the Income Tax Act. It's all about making life easier for people who are starting a new business. This rule helps you deal with the initial costs of starting a business by letting you spread those costs over a few years. These costs might include things like fees for lawyers and professionals, paperwork fees, and money spent on figuring out if your business idea will work.

Why Does Section 35-D Matter?

Section 35-D is there to support new businesses and help them get off the ground. Here's why it's important:

Less Tax to Pay: This rule can lower the amount of tax you have to pay because it lets you divide up your business startup costs over time. This makes it easier on your wallet in the beginning.

Startup Help: If you're thinking about starting a new business, Section 35-D can give you a financial boost. You won't have to pay all your business setup costs at once.

Attracting Investors: When you want people to invest in your business, showing them that you're managing your money smartly is a big plus. Section 35-D helps you do just that.

Less Red Tape: Managing your taxes can be complicated, but this rule simplifies things. You won't have to worry about a lot of complicated accounting. 

How Does Section 35-D Work?

Okay, so how does it all work? Let's break it down:

Tax Break Over Time: Section 35-D lets you deduct a part of your initial expenses over five years. You start claiming these deductions from the year your business begins.

What Expenses Count: The expenses you can split up include things like lawyer and professional fees, paperwork costs, and money spent on figuring out if your business will work.

Five-Year Plan: Each year, you get to deduct one-fifth (1/5) of your total initial expenses. This continues for five years.

Business Stops: If your business stops before five years, you can claim any remaining expenses in the year you close it.

Limits Apply: You can't claim more than the total amount of your initial expenses. And not all types of businesses qualify for this rule.

Let's look at a simple example to understand how Section 35-D works

Imagine you're starting a small software company, XYZ Tech. You spend Rs. 1,00,000 on lawyer and professional fees, Rs. 25,000 on paperwork, and Rs. 50,000 on figuring out if your software idea will work. That's a total of Rs. 1,75,000 in initial expenses.

You strike off your business in the year 2022-23. So, you can use Section 35-D to split your deductions over five years like this:

Year 2022-23: You can claim Rs. 35,000 (1/5th of Rs. 1,75,000)

Year 2023-24: Rs. 35,000

Year 2024-25: Rs. 35,000

Year 2025-26: Rs. 35,000

Year 2026-27: Rs. 35,000

Conclusion

In simple terms, Section 35-D of the Income Tax Act helps you start and grow your business without overwhelming you with immediate tax bills. It's like a helping hand for entrepreneurs, especially if you're just getting started. By spreading your startup expenses over five years, you can plan your finances better and make your business more appealing to investors. So, if you're thinking about starting a business in India, understanding Section 35-D can be a valuable tool for your financial success.

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Memo header

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o Adds guidance that Army Records Information Management System record numbers will not be used on letters (para 35d). o Adds the format for a decision memorandum (para 2 8 and fig 2 19).

Least likely to get up from the couch, say crossword clue report this adDisclaimerĪll intellectual property rights in and to Crosswords are owned by The Crossword's Publisher. o Revises memorandum of understanding and memorandum of agreement formats, including sample text (para 2 6, figs 2 15 and 2 16).

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Here is an example of a memo header: The To line should identify the intended readers.

Member of "The Squad" in D.C., for short crossword clue You should create a memo header of your own-do not use a Word template.

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Please direct any questions to we thank you for your patience. We request that all employees read this memo. Your patience with this process will be rewarded with a beautiful, more ergonomically friendly building. We on the Maintenance team are grateful for your cooperation. Free drinks and snacks will be available at Matt and Mike's Grill

As a thank you for your patience with the process, Friday will be an offsite team building day.

Cleaning and remodeling of the building's interior will begin on Friday.

Window-washing will take place Thursday from 10 to 4. Please keep phone use to headsets and earpieces rather than speaker to avoid excess noise on calls. As much of the cleaning as possible will be performed outside operating hours, but some may coincide with work.

Power-washing of the building facade will begin Wednesday.

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Please park in the indoor garage, which will be free of charge on Tuesday for this purpose.

A crew will be repainting the parking lots on Tuesday.

#Memo header update

The purpose of this memo is to update all employees on the scheduled building cleaning and maintenance and ensure cooperation.

#Memo header pdf

Our sample memo is also available as a downloadable PDF for future reference. We've provided an example memorandum that follows all our instructions and tips for memo writing. If you keep it simple, it will be an easy task. The whole purpose of a memo is to make the recipient aware of an issue. You need not try to squeeze a lot of information into the memo because it is not necessarily a project proposal. Keep the differences between business writing and academic writing in mind memos should follow the rules of business writing. To state all relevant information in the shortest space available, take a look at our advice on informative essays. Additionally, if confirmation is needed from the recipient, you will need to make sure that you stipulate that clearly. Include as much basic information as possible. Next you will want to discuss what you have done to better research the issue surrounding your memo. The next section of your memo would be to describe the issue surrounding your memo. You can start your memo with a sentence as simple as "the purpose of this memo is to…" Once you state the purpose, you can move forward to the next section. Open with an introductory paragraph in which you introduce the purpose of the memo.

[john1976f]

The Ruling of delivery

what does tendered for delivery mean.The appealing party presented that the request dated 22.7.1997 of the CESTAT was never gotten by them.

The conflict of the respondent is that Section 37 C would become possibly the most important factor just where the request was passed by the specialists under the Act and not where the orders are passed by the CESTAT knightofangels. The strategy of the CESTAT is administered by Section 35D read with Rule 35 of the CEGAT (Procedure) Rules, 1982 which peruses as under theinfotrunk.

"Rule 35 Communication of orders to parties

[guptachandanassociates]

Cost incurred in acquisition of shares of Co. can’t be treated as a cost of project for Sec. 35D deduction : HC

Cost incurred in acquisition of shares of Co. can’t be treated as a cost of project for Sec. 35D deduction : HC

INCOME TAX : Acquisition of companies by acquiring 100 per cent subsidiary shares would not be construed as acquisition of fixed assets that were acquired or developed in connection with extension of industrial undertaking or setting up of new industrial unit of assessee, thus, cost incurred in acquisition of companies could not be claimed as deduction under section 35DINCOME TAX : Acquisition of…

[muhammadsaran]

10 Tax Saving Tips for Business owners

Entrepreneurs and small accounting firm owners are vulnerable to pay tax on the revenues generated by their venture. This will be a substantial sum, and that they are always in search of deductions and exemptions to minimise their tax outgo. Revenue enhancement is one amongst the foremost challenging things to know.��We’ve got covered the subsequent during this article: 1.Hire Your circle of relatives Members and Relatives Hiring relations can sway be a major step to cut back taxes. They’ll be paid salaries just like the way other employees are paid. If the relations who get hired by the corporate haven't any other income, then the corporate pays them just Rs 2, 50,000 a year. This may make sure that they don’t become susceptible to pay taxes. Since the salaries paid to the staff may be a cost to the corporate, it are often setoff against the company’s taxable income, thereby reducing the general tax outgo of the corporate. 2. Travelling and Accommodation It is common for entrepreneurs to travel places for business purpose. This can be done more extensively if entrepreneurs have branches spread across several cities. If you're to save lots of taxes, then from the subsequent time you travel, book your travel tickets and accommodation on the company’s expense and not from your account. This is often considered a disbursal and might be deducted from the taxable income of the corporate. 3.Invest More in Marketing If you're still using the old ways of selling, then it’s time that you just implement digital marketing because it helps you reach bent more potential customers and thereby increasing the probability of finding new customers. This may also benefit you from the tax point of see marketing expenses are eligible for tax deductions. Therefore, it's not a foul idea to extend the allow marketing. 4. Business Utilities Business owners using their vehicles and phones can show such expenses are utility expenses. For example, expenses on phones, vehicles, parking charges, driver’s salary, and so on are claimable if made purely for the business purpose. If you're operating your home, then electricity expenses are claimable. This can help in reducing the tax burden. The following are a number of the business utility expenses that are claimable for deductions: i) Preliminary expenses: All expenses made before the establishment of the enterprise are eligible for deductions under Section 35D of the taxation Act. These are recorded as preliminary expenses and deductible from the taxable income for five years. ii) Convenience expenses: If you're extensively using vehicles and phones for the business purpose, then these expenses are deductible as business expenses under the company’s book. iii) Regular expenses: If you're operating your company from home, then you'll deduct electricity expenses under the ‘head of the company’. Furthermore, you'll also deduct expenses incurred because of the web connection and rent are deductible. Depreciation of all capital expenses is additionally eligible for tax deductions under the ‘income of firm’. You would like to form capital expenditures from the company’s account and claim depreciation to cut back your taxability. 5. Medical Insurance The premiums up to Rs 25,000 paid towards medical insurance may be claimed for tax deductions under Section 80D of the tax Act, 1961. You’ll be able to cover your spouse, children, and fogeys under this. This can be not applicable if you run a startup in parallel to holding a full-time job where the employer provides medical sum. 6. Correctly Deduct Tax at Source There are specific clauses under the taxation Act under which the entrepreneurs purchasing a service or product can deduct the tax at source when making payments to the vendor. If a personal doesn't do so, then those expenses won't be admissible and can lead to a further tax burden. For example, if you create a payment of Rs 3, 00,000 as commission to an agent and fail to deduct the tax at the speed of 10%, then the entire of Rs 3, 00,000 won't be allowed while determining the taxable profit. 7. Donation

Donating money gives you not only the satisfaction of doing an honest deed but also tax benefits. so as to avoid wasting taxes by making donations, you wish to donate to the registered charities and funds like PM’s relief fund. You’ll be able to also donate to a recognised party to say tax breaks. 8. Housing Loan You’re mistaken if you think that buying a house on a loan isn't beneficial. It be a long-term asset and might appreciate significantly over time and comes with tax benefits. You’ll claim tax deductions of up to Rs 1, 50,000 a year under Section 80C of the taxation Act if you have got linked your PAN with the corporate. 9. Depreciation Companies operating within the manufacturing sector are given additional tax benefits. Companies (under Section 35AD) installing new equipment and machinery installed over a year can claim up to twenty additional depreciation additionally to the regular depreciation within the year they were put in use. For instance, if you've got purchased new machinery and claimed normal deprecation of 15% and you have got not claimed additional deprecation of 20%, then you'll find yourself paying taxes on the unclaimed 20%. 10`. Digital Transactions In this era of handling things digitally, it might not be knowing pay your workers in cash. Furthermore, you may be within the red list of the tax department. If you're making payment of quite Rs 20,000 in an exceedingly single to a private in cash, then it's disallowed in your account books. as an example, if you pay a worker quite Rs 20,000 in benefit one day, then that transaction are going to be deemed null by the revenue enhancement department. Therefore, your taxability increases. Hence, it's always advisable to pay your workers through bank transfer. A rupee saved could be a rupee earned. When there are several tax-saving provisions, it's only knowing make use of them. Implementing tax-saving practices will encourage beneficial within the future.

[skyfire85]

The last production model was the J 35F, which was produced between 1965 and 1972, with a total of 230 examples, making it the largest run of Drakens. This model saw numerous improvements made to the radar and avionics, which allowed the F to carry the AIM-4C IR Falcon (license built by SAAB as the Rb 28) and the AIM-26B semi-active radar homing (SARH) missile (again license built, as the Rb 27). The need to add additional avionics for the Falcon missiles saw one of the ADEN cannon removed. A running change, designated the J 35F2, added a Hughes N71 IR search and track sensor. A series of modifications, known as Hawé I & II, upgraded the F's radar to P/S-01/011, which was more capable against improving Soviet ECM.

-A J 35F on display at The Aeroseum in Gothenburg. | Photo: Alan Wilson

-An F2 model Draken, with the prominent IR seeker under the nose. | Photo: Swedish Air Force

Between 1985 and 1991 sixty-six F models were modified to J 35Js, which incorporated service-life extensions to the wings, fuselage and engines, as well as modernized avionics and two additional pylons for Sidewinder missiles under the forward wings/intakes. The J upgrade also increased fuel capacity, allowing up to four 525L drop tanks to be carried. By this time the Draken had almost completely been replaced by the J 37 Viggen, and JAS 39 Gripen was in development, but delays with that program pushed the Flygvapnet to refurbish the Draken. Even so, the last J 35J, flying for F 10 Squadron at Ängelholm, was retired from Swedish service in 1999.

-A J35J Draken, armed with Rb 24 and Rb 27 missiles. | Photo: Kurt Saxkjaer

FOREIGN SERVICE

The Draken has been exported to several other European nations, and was used by the air forces of Austria, Denmark and Finland. Austria equipped its Staffel 1 and 2 of Fliegerregiment 2 with 24 ex-Flygvapnet J 35Ds, which had been bought back by Saab and refurbished. Initially armed only with their cannon as a result of the 1955 Austrian State Treaty, the aircraft, designated 35Ö, were later fitted with AIM-9P Sidewinders purchased from the US, and which were used during the 93-94 Yugoslav wars. In 2005 the Austrians retired their Drakens, making them the last air force to fly the J 35. Denmark purchased 51 total aircraft, designated 35XD by Saab and produced in three variants: the F-35 strike aircraft, TF-35 trainer, and RF-35 recon aircraft. The Danish aircraft were highly modified, lacking a radar and with the outer wing sections completely redesigned. For strike missions, the F-35s were fitted with hardpoints for bombs of up to 1,000lbs, and the type could carry AGM-12 Bullpup guided missile. The Danish Drakens were also equipped with more ECM and fuel (both internal and external), and were the heaviest versions flown. In the 1980s the F-35s received the WDNS upgrade, which added an ALQ-162 jammer, a Marconi 900 Series HUD and a Ferranti LRMTS (laser rangefinder and marked target seeker). The 35XD, which equipped No. 725 and 729 Squadrons of the Royal Danish Air Force, were retired in 1993. Finland purchased 50 Draken, in several tranches. The first, 12 35XS aircraft, were built by SAAB and assembled under license by Valmet. The balance were ex-Swedish Air Force J 35B, 35F1, and SK 35C trainers. An upgrade in the 1990s saw new avionics, digital cockpit displays, new navigational and attack systems and upgraded ECM added, but by the early 2000s Fighter Squadron 11 and 21 had retired their Draken for F/A-18 Hornets. Additionally, Saab had proposed the 35H model for the Swiss Air Force, but no aircraft were built. The National Test Pilot School, located in Mojave, California, operated 6 ex-Danish Draken until 2009, and many of their aircraft remain in flight-worthy or near-flight-worthy condition.

-A Draken of the Austrian Air Force, in its distinctive red and white paint scheme. | Photo: HoHun

A large number of Draken remain preserved on display or in airworthy condition across Europe, with at least 16 more in the US, one of which, formerly Swedish AF Fv 35543, having appeared in the 1990 movie Fire Birds (aka "Wings of the Appache"), flying cover for the narco-terrorists.

-Screen capture from Fire Birds, showing the J 35F-1 in its sinister black paint job. | Photo: Touchstone Pictures

SAAB used the Draken in advertising for its automotive branch.

-A SAAB J35J Draken on display at the Kbley Museum. | Photo: Jan Hrdonka

FLIGHTLINE: 186 - SAAB J35 DRAKEN ("DRAGON")

The J35 Draken was the premier fighter of the Swedish Air Force from the 50s through the 70s, and were exported throughout Europe.

Almost before the J29 and J32B started flying, Svenska Aeroplan Aktiebolaget (SAAB, now Saab AB) started developing a follow-up aircraft. The Swedish Air Force (Flygvapnet) released a requirement for a supersonic interceptor capable of catching and shooting down aggressive bombers flying at transonic speeds. Initially specified to have a top speed of Mach 1.5, the Flygvapnet revised it up to Mach 1.8 in 1956, and again in 1959 to Mach 2.0. SAAB's designers realized that a delta wing configuration was needed, but their designs were all too heavy. The answer seemed to be a compound delta (sometimes called cranked but more commonly referred to as a double delta) wing. As this was one of, if not the first application of the double delta configuration, a 70% scale prototype was constructed by SAAB to test the wing's suitability. Designated the Saab 210 and known as the Lilldraken ("little dragon" or "little kite"), the aircraft was completed in early 1952 and was flown successfully. The original position of the air intake caused visibility issues for the pilot, and the wing's design led to an uncomfortably high landing speed, so the aircraft was modified with the addition of a drogue parachute as well as redesigning the forward fuselage to add two oval-shaped intakes on either side of the cockpit. The newly-christened 210B validated SAAB's work, and the design was finalized for the new interceptor.

-The Lilldraken in its original configuration. | Photo: SAAB

-The 210B on display at the Flygvapenmuseum. Models of the original 210, as well as the eventual J35, are hung above the Lilldraken. | Photo: Paul Richter

DESIGN AND VARIANTS

The production Draken, designated the J (Jaktflygplan ("Pursuit-aircraft")) 35A, is just over fifteen meters long, with a wingspan of 9.42 meters and a height of almost four meters. The fuselage is circular in cross-section, and the diameter is nearly constant along its length from the radome back to the afterburner. The forward section of the double delta wing is swept back at 80° for high-speed performance, while the aft section is swept at 60° for low speed handling. The aircraft is built in two main sections (as was common for early jets), with the aft section able to be unbolted for major maintenance (including engine replacement). The J35 is a tailless design, with elevons acting to control both pitch and roll, as well as a vertical stabilizer and rudder. The flight surfaces are actuated by a tandem hydraulic system, with pilot feedback provided by a q-feel system. The Draken was also fitted with a three-axis autopilot, which was a rarity at the time of introduction. Power is provided by a model of the Rolls-Royce Avon 200/300 turbojet, license built by Svenska Flygmotor as the RM6B/C and fitted with an afterburner. Given the Flygvapnet's preference for that can operate from rough, unprepared dispersal bases (including reinforced sections of the highway system), the engine is fitted with an emergency start system, and the J35 has a drogue parachute, which cuts the landing run to 510m. A ram-air turbine is also fitted to provide electrical power in an emergency.

The first prototype of the A model took its maiden flight on 25 October 1955, powered by an unaugmented Rolls-Royce Avon Mk.48. The second prototype was fitted with the same model engine but had an afterburner, and inadvertently broke the sound barrier on its first flight. After a nearly four-year test program, the J 35A entered production in 1959, with the final delivery occurring in 1961, with production totaling 90 examples. The Draken was the first aircraft built in Western Europe with a true supersonic capability, breaking not only Mach 1 but Mach 2 in level flight, as well as the first such aircraft to be deployed in Western Europe.

-Orthograph of the J35. | Illustration: airwar.ru

Initial versions of the Draken were fitted with a Thomson-CSF Cyrano radar system, mated to a 6B sighting system. Two ADEN 30mm cannon were mounted in the forward wings, and up to four AIM-9 Sidewinder missiles (designated Rb 24 in Swedish service) could be carried on hardpoints. Provisions were made for a 525L drop tank to be carried on a belly pylon, adding to the 2,240L of fuel carried internally. The Draken weighed almost 6,600kg empty, and had a max TO weight of a little over ten thousand kilos. Maximum speed of early versions was 1,900kmh, and a ferry range of almost 2,000km. A lack of power in the A model was mitigated after the 66th example by a new afterburner, which required an extended tail cone and a retractable tail-wheel. This change resulted in the first batch being known as the Adam kort ("Adam short"), while modified aircraft were Adam lang ("Adam long"). Twenty-five of the Adam kort aircraft were rebuilt into two-seat trainers, designated the SK 35C. The trainers were unarmed and had a slightly higher empty weight, but were otherwise identical to the J 35A.

-A J 35A on display at the Musée de l'Air et de l'Espace outside Paris. | Photo: Pline

-An Sk 35C two-seat Draken operated by Swedish Air Force Historic Flight. | Photo: Herranderssvensson

Saab started work on the next model of Draken, the J 35B, began taking shape in 1959, incorporated an updated gun sight with a domestically produced PS-03/A radar, along with the STRIL-60 digital combat management system. A data-link system was added, as were provisions for carrying two 19 round 75mm air-to-air rocket pods. Production of the J 35B began in 1962, with the 73rd and final example completed in 1963.

-A J 35B armed with two Rb 24 Sidewinders on the forward wing pylons and four drop tanks. | Photo: H-O Arpfors

Despite being designed as interceptors, the Draken proved to be relatively agile, with a good quick-turn ability. The double delta design did induce a marked instability however, including a tendency to "super stall" at high alpha, which claimed a number of pilots early in the plane's service. Working with SAAB, the Swedish Air Force developed procedures to avoid super stalls, out of which came the kort parad ("short parade") maneuver, later popularized as Pugachev's Cobra, during which the nose is sharply pulled up beyond vertical, momentarily stalling the plane and causing the wings and body to act as an airbrake before the nose is quickly lowered again. In addition to pulling an aircraft out of super stall conditions, the parad maneuver has uses in air combat, forcing an adversary to overshoot.

-An Sk 35C performing the kort parad during a training sortie. | Video: Sven-Olof Willhöft and Vincent Klockars

The next version of the Draken was the J 35D, produced from 1963 to 1964 with 120 examples produced. Fitted with the same radar and combat avionics as the B, the J 35D's defining characteristics were an uprated RM6C engine, which was equipped with a new Ebk 67 afterburner, and extended intakes, which now reached to nearly the windscreen. This engine pushed the J 35D to 2,150kmh, making it the fastest Draken model. An additional 600l of fuel increased the range, but also the max weight, with the attendant side effect of increasing the landing run to 920m unassisted (680m with drag chute).

-Two J 35D Draken, armed with Rb 24 and fitted with dual drop tanks. | Photo: Swedish Air Force

A specialized reconnaissance version, the S 35E, was developed in the mid-1960s, with 28 converted from existing D models and 32 being new-builds. The S 35E had their radars and armaments replaced by ortho and oblique cameras, five in the nose and four more in the fuselage. The recce models were also equipped with additional electronic countermeasures as well as an active IR recon system housed in a pod. The E models served with the F 11 squadron at Nyköping and the F 21 squadron at Kallax from 1965 to 1979, when the type was retired.

-An S 35E Draken in flight. This aircraft was later sold to Denmark after the Swedish Air Force retired the type in 1979. | Photo: Flygvapnet

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Gold Necklace Prices in Nigeria 2019

Fashion is a very important aspect of our lives. The fashion industry in Nigeria is a multi-million dollars industry. Fashion is like a mother branch that is further subdivided into smaller branches including clothing and jewellery among others. This article focuses on a branch of jewellery, gold necklace. It highlights the prices of gold necklaces in Nigeria, where to get customized gold necklaces in Nigeria and several other useful pieces of information. You’re in the right place if you intend to buy a gold necklace for yourself or someone else. You’ll get an idea of the prices obtainable on the market and where to buy original gold chains in Nigeria among other things.   Where to Buy Original Gold Chain in Nigeria There are 4 major places you can get the original gold chain in Nigeria. They are e-commerce stores, online market places, online forums and gold jewellery shops. Let’s take a closer look at them.   1. E-commerce Stores There are hundreds to thousands of e-commerce stores in Nigeria but only a few of them offer gold chains for sale. For the sake of trust, I’ll recommend a few online stores. Jumia This is the largest e-commerce store in Nigeria and, probably, West Africa. There’s a very high chance that you’ve heard of Jumia if you live in Nigeria, or you’ve purchased from them. There are a lot of good and bad testimonies about this online store. But the overall conclusion is that it is a recommended place to get an original gold chain in Nigeria. Konga Konga is similar to Jumia. It is currently next to Jumia when it comes to e-commerce stores in Nigeria. Just like Jumia, the store also has several sellers that showcase their products online. When you place an order for any item, the seller of that product is notified and the process of delivering your item to you commences. 2. Online Market Places Online market places are electronic platforms that create an avenue for buyers and sellers to meet. Unlike e-commerce stores, you’ll have to interact directly with the seller to make a purchase. But in this case, you’ll have to be very careful because a lot of scammers are found on this platform. The recommended platforms in Nigeria include the following. Jiji Jiji is a very popular platform in Nigeria. The sellers upload a picture of the item they have for sale and put a price tag. You as the buyer will contact the seller to make arrangements on how to pay and get the item. Have in mind that most of the gold chains you’ll find will be used ones. Olx Olx is similar to Jiji. You find the item you want and contact the seller. You have the liberty to bargain with the seller, arrive at a favourable price, and make arrangements on how to carry out the exchange. Most people prefer to meet in front of a police station or close to it because they feel more secure there. 3. Online Forums Online forums are mostly designed for people to meet, discuss, and exchange ideas. But some people take advantage of this and use it for other legal and accepted purposes. Read on to see the only forum in Nigeria that I recommend for your gold chain purpose. Nairaland Nairaland is a very popular forum in Nigeria and in Africa. It has been in existence since 2005 and has millions of users in its database. It has some sections where you’ll jewellery sellers who offer both new and used gold chain for sale. The sellers often make their contact details available. So, you can contact a seller for more enquiries and get more information. 4. Gold Jewelry Shops in Lagos Nigeria This is one sure place to get your original gold chain in Nigeria. This is the best option for anyone who is not able or confident about making a purchase online. Here, I’ll recommend a couple of jewellery stores in Lagos. Azarai Azarai is a trusted jewellery store that has been around for a long time in Nigeria. The company has 3 locations in the country; Ikeja, Lekki, and Abuja. Ikeja Address: D’opodium Event Center, 31B Aromire Avenue, Ikeja, Lagos. Phone: 0808187617955 Lekki Address: Centro Lekki Mall, Plot 15, Admiralty Way, Lekki Phase 1, Lagos. Phone: 09099667848 Abuja Adress: The Capital Hub, Ahmadu Bellow Way, Mabushi, Abuja. Phone: 08185180227 Eternal Circles This store has different types of jewellery ranging from 18k gold in yellow colour to 18k gold in white colour. Eternal Circles has 2 outlets in Lagos. You can contact them on 08096640106. Mainland Address: Shop A02, Riggs, Plaza, Omole Bus Stop, Omole, Lagos Lekki Address: L.A Mall, 1b, Victoria Arobieke, Off Admiralty Way, Lekki Phase 1, Lagos   Cost of Gold Necklace in Nigeria Women Gold Necklace + Earrings Set (Gold): N2,500 - N3,000 Gold Necklace Chain: N6,500 - N7,500 Double Triangle Pendants Necklaces: N6,000 - N7,000 Multilayer Necklaces & Pendants: N7,000 - N8,000 Islamic Religion Totem Allah: N1,500 - N2,000 Catholic Rosary Beads Cross Necklace: N7,000 - N8,000 Set of 3 Long Minimal Layer Necklaces: N7,200 - N8,500 Bold Gold Necklace: N2,500 - N4,000 Princess Rhinestone Gold Pendant and Necklace: N2,500 - N3,500 Flatfoosie Collar Choker Necklaces: N8,000 - N9,500 Zavera Traveler’s World Map Necklace: N4,500 - N5,000 Simple Infinite Love Necklace: N4,000 - N5,500 Rahman Saddam “Allah” Necklace N6,000 - N7,000 Customized Name Pendant with Chain in Braille Font: N18,000 - N25,000 Customized Pendant Stainless Steel with Real Gold Plating: N14,000 - N20,000   Where to Buy Customized Gold Necklace in Nigeria Fashion preferences vary from one person to another. While some people don’t mind using any jewellery whether trending or not, some people would rather opt for the customized one. If you’re one of the latter, here are a few places you can get a customized gold necklace in Nigeria. Womandilax This is one of the best places to get any type of customized jewellery in Nigeria. It is a popular brand registered under Uncrowned King Intl Limited. Website: https://womandilax.com Email: cs@womandilax.com Phone: 08154233612 Address: Shop 35D, Binukonu Mall, Ogudu Road, Opposite First Bank, Beside Union Bank, Ojota, Lagos Ayo Naledi Jewelry This is a less know online jewellery store where you can get you a customized necklace. It was founded in 2015 and has been serving Nigerians since then. You may opt to pay on delivery when you place an order if you are not confident about the credibility of the store. Website: http://www.ayonaledijewelry.com Email: orders@ayonaledi.com Phone: 08064051184 Read the full article

[masllp]

[muralimohan]

whether "premium" collected by the appellant-Company on its subscribed share capital is “capital employed in the business of the Company" within the meaning of Section 35D of the Act so as to enable the Company to claim deduction of the said amount as prescribed under Section 35D of the Act? = Section 35D(3) of the Act with which we are concerned in these appeals reads as under: “Where the aggregate amount of the expenditure referred to in sub- section(2) exceeds an amount calculated at two and one-half percent- (a) of the cost of the project, or where the assessee is an Indian company, at the option of the company, of the capital employed in the business of the company, the excess shall be ignored for the purpose of computing the deduction allowable under sub- section(1); [Provided that where the aggregate amount of expenditure referred to in sub- section(2) is incurred after the 31st day of March, 1998, the provisions of this sub-section shall have effect as if for the words “two and one-half per cent”, the words “five percent” had been substituted.]* *Ins. by the Finance(No.2) Act, 1998(2) of 1998), sec,14(b)(w.e.f. 1-4- 1999)” 15) The expression "capital employed in the business of the company" is defined in the Explanation appended to the Section in clause (b) which reads as under: “(b) “capital employed in the business of the company” means- (i) in a case referred to in clause(i) of sub-section(1), the aggregate of the issued share capital, debentures and long term borrowings as on the last day of the previous year in which the business of the company commences; (ii) in a case referred to in clause(ii) of sub-section(1), the aggregate of the issued share capital, debentures and long term borrowings as on the last day of the previous year in which the extension of the industrial undertaking is completed or, as the case may be, the new industrial unit commences production or operation, in so far as such capita, debentures and long term borrowings have been issued or obtained in connection with the extension of the industrial undertaking or the setting up of the new industrial unit of the company;”- Section 78 of the Companies Act which deals with the "issue of shares at premium and discount" requires a Company to transfer the amount so collected as premium from the shareholders and keep the same in a separate account called "securities premium account". It does not anywhere says that such amount be treated as part of capital of the company employed in the business for one or other purpose, as the case may be, even under the Companies Act. In the light of foregoing discussion, we find no merit in these appeals. The appeals thus fail and are accordingly dismissed.

whether “premium” collected by the appellant-Company on its subscribed share capital is “capital employed in the business of the Company” within the meaning of Section 35D of the Act so as to enable the Company to claim deduction of the said amount as prescribed under Section 35D of the Act? = Section 35D(3) of the Act with which we are concerned in these appeals reads as under: “Where the aggregate amount of the expenditure referred to in sub- section(2) exceeds an amount calculated at two and one-half percent- (a) of the cost of the project, or where the assessee is an Indian company, at the option of the company, of the capital employed in the business of the company, the excess shall be ignored for the purpose of computing the deduction allowable under sub- section(1); [Provided that where the aggregate amount of expenditure referred to in sub- section(2) is incurred after the 31st day of March, 1998, the provisions of this sub-section shall have effect as if for the words “two and one-half per cent”, the words “five percent” had been substituted.]* *Ins. by the Finance(No.2) Act, 1998(2) of 1998), sec,14(b)(w.e.f. 1-4- 1999)” 15) The expression “capital employed in the business of the company” is defined in the Explanation appended to the Section in clause (b) which reads as under: “(b) “capital employed in the business of the company” means- (i) in a case referred to in clause(i) of sub-section(1), the aggregate of the issued share capital, debentures and long term borrowings as on the last day of the previous year in which the business of the company commences; (ii) in a case referred to in clause(ii) of sub-section(1), the aggregate of the issued share capital, debentures and long term borrowings as on the last day of the previous year in which the extension of the industrial undertaking is completed or, as the case may be, the new industrial unit commences production or operation, in so far as such capita, debentures and long term borrowings have been issued or obtained in connection with the extension of the industrial undertaking or the setting up of the new industrial unit of the company;”- Section 78 of the Companies Act which deals with the “issue of shares at premium and discount” requires a Company to transfer the amount so collected as premium from the shareholders and keep the same in a separate account called “securities premium account”. It does not anywhere says that such amount be treated as part of capital of the company employed in the business for one or other purpose, as the case may be, even under the Companies Act. In the light of foregoing discussion, we find no merit in these appeals. The appeals thus fail and are accordingly dismissed.

REPORTABLE IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL APPEAL No.2162 OF 2007 M/s Berger Paints India Ltd. ….Appellant(s)

VERSUS

C.I.T., Delhi-V …Respondent(s)

WITH

CIVIL APPEAL No.2163 OF 2007 M/s Berger Paints India Ltd. ….Appellant(s)

VERSUS

C.I.T., Delhi-V …Respondent(s) J U D G M E N T Abhay Manohar Sapre, J. 1) These appeals are filed against the final judgment and…

[firstlawindia]

Income Tax; Berger Paints India Ltd. Vs. C.I.T., Delhi-V [Supreme Court of India, 28-03-2017

Income Tax; Berger Paints India Ltd. Vs. C.I.T., Delhi-V [Supreme Court of India, 28-03-2017

The “premium amount” collected by the Company on its subscribed issued share capital is not and cannot be said to be the part of “capital employed in the business of the Company” for the purpose of Section 35D(3)(b) of the Act and not entitled to claim any deduction in relation to the amount received towards premium from its various shareholders on the issued shares of the Company. (more…)

[guptachandanassociates]

Madras HC deleted additions made by AO purely based on estimation without any evidence

Madras HC deleted additions made by AO purely based on estimation without any evidence

INCOME TAX : As per sub-section (3) of section 35D, if aggregate amount of expenditure referred to in sub-section (2) exceeds an amount calculated at 2 ½ per cent of either cost of project or capital employed in business of assessee, excess shall be ignored for purpose of computing deduction allowable under sub-section (1) of section 35D and, therefore, where 2 ½ per cent of Rs. 6614.96…

[guptachandanassociates]

Issue of shares to QIBs to be held as issue of shares to public; exp. incurred on it deductible u/s 35D

Issue of shares to QIBs to be held as issue of shares to public; exp. incurred on it deductible u/s 35D

INCOME TAX : In case of public limited company, issue of shares to Qualified Institution Buyers ( QIB) would be regarded as issue of shares to ‘public’ and, thus, expenses incurred on said issue would be eligible for deduction under section 35DINCOME TAX : In case of public limited company, issue of shares to Qualified Institution Buyers ( QIB) would be regarded as issue of shares to ‘public’…