Expenses incurred for business purposes may be completely allowed without any ceiling or disallowances if the recommendations of the expert group constituted by the Government to examine the existing income tax structure are accepted. The group has recommended the removal of provisions making artificial disallowance of business expenses on travel, maintenance of guest house, entertainment, etc. All expenses incurred wholly for the purpose of conducting business have been allowed. According to the group, contribution to employees’ welfare funds could also be allowed, provided, the fund invests in prescribed securities.

Gates on hovo to achieve infotech revolution

Mr. Bill Gates connected with the best of Mumbai’s industrial elite to politely tell them the best of IT can only facilitate and not double up for a sensible business strategy. “First have a strategy. Also, the CEO should be a personal user of PC and have complete familiarity with the manifold uses of the gadget,” he added. Taking up the afternoon at Taj for a quick walk through the latest in IT, Mr. Gates said that a good telecom facility is a must for the country before it can be comfortable with modern Intel PCs and sophisticated Microsoft software.

Rs. 498-cr. deficit in TN Budget; ST relief on several items

The Tamil Nadu CM, Mr. M. Karunanidhi, who also holds the finance portfolio, has presented a Rs. 498.38-crore deficit Budget for 1997-98. The overall deficit for 1996-97, which was projected at Rs. 334.89 crores, came down to Rs. 156.22 crores in the revised estimates due to an increase in the net loan receipts and reduction in capital expenditure.

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