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TMI BlogAllowable Business Expenditure: Physical and mental fitness are essential for life and its purpose for any one. It is equally important for success in any vocation – occupation, profession, trade, commerce, industry etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... Allowable Business Expenditure: Physical and mental fitness are essential for life and its purpose for any one. It is equally important for success in any vocation – occupation, profession, trade, commerce, industry etc. - By: - DEVKUMAR KOTHARI - Income Tax - Dated:- 18-12-2024 - Achievement and maintaining level of skills and fitness and health conditions are integral part of life and working life. Therefore, appropriate portion of expenses need to be allowed by way of amortization and recurring expenses to determine real income during working life. Earlier articles on related topics: Intangible assets in case of professions cost of education and training to acquire know-how, expertise, to be eligible for grant of licenses depreciation c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an be claimed. Scholarship / stipend a case of capital receipt besides being exempt under section 10(16) Expectations and hopes: Expectations and hopes from children even yet to be born children/ planned children are very high. Healthy baby to be born is first target for that all care and precautions are suggested for prior to conceiving, during pregnancy , after delivery and in upbringing of children. Grandparents and parents and all concerned elderly people (collectively referred as Elders) have hope for healthy child even when child is yet to be born. They also have hopes for intelligent and successful children so that prestige and reputation is maintained and improved for the family and generations. We observe hope and expectations expr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essed like I wish my grand son / grand daughter or my son / daughter to be healthy and successful in any filed he/ she likes. I wish him /her to become a doctor, engineer CA, Advocate ,a judge ... and like many choices. Author dreamed for her granddaughter to be Chief Justice of India. This was just when she was few months old (now she isfive years). So hopes and expectations can be varied from person to person. With such hopes, all elders particularly grandparents and parents also make efforts towards the hope. This starts from taking care from childhood to make efforts for good health and upbringing of children. Accordingly, plans are made for education and training of children and efforts are made to let hopes full fill, dreams become re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ality. Good health is essential: Good physical and mental health are essential for good living and more so for successful working of anyone at all stages of life. For instance at initial stage itself a healthy child can quickly and progressively develop his looks and expressions and initial movements whereas poor health will delay in development of these initial development also. A healthy child will play better, learn quickly. Living vis a vis accomplishments: Living the life is one aspect , which every one do and most people can do during his life time. Accomplishment in life is important, for accomplishment one has to be healthy and to remain healthy, he has to be active and careful about his health. To put in simple words life is any sy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stem capable to perform simple tasks of living being of its kind. For human being it is breathing, and doing various work eating, digesting, excreting, moving , working , reproducing ,responding to internal and external constraints and stimuli, socializing and ends with last breath. In this phase one can face good health, poor health, sickness, different moods and behavior. All these depend on health conditions to a significant extent. We find direct co-relationship of health conditions with many aspects of working like: Health and zeal to work and working time , rest time, rest pauses, sickness period etc. Health and productivity in working Health and efficiency in working Health and working hours/ working days and extent of absenteeism fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om work Health conditions and overall working life. Years spent in learning, education and training : Long years are spent in learning, education, and trailing depending on targeted career and starting point and social and financial conditions and obligation. For example, one may start working early and continue working as main pursuit and education as secondary. Other may focus on education for long time to complete higher education before starting working. Time span required to achieve the desired level of education and training also depend on health conditions. With good physical and mental health one can complete it in shorter time whereas with poor health conditions it will take more time. Working life: Actual working life depends on: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. years required for learning, education, and training. For example, an intelligent healthy candidate can complete B.Tech at age of 21-22 years and will complete M.Tech at age of 24-25 years. Whereas average candidate may require longer period. If one start working after graduation say B.Tech, he will have longer working span, whereas if starts working after completing M.Tech his working span will be reduced by 3-4 years. This aspect apply in various education filed where one can start working after doing diploma course, graduation or post-graduation or further specialization. It is hoped and expected that more time spent in higher education will help in more earnings. 2. Type of work and working life span may differ in different occupatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns and vocation. 3. Retirement age. 4. Working after retirement/ retirement age. Health conditions, definitely play big role in total working and productivity of any person. Therefore, maintain good health is important for all not only for living but also for working, productivity, earning and quality of life, social life and working life at all times and in all situations. Therefore, a significant portion of expenses incurred for achieving educational and training levels for suitable occupation, vocation, profession and for attaining and maintaining good health need to be amortized and allowed to find out real income of any person during his life span vis a vis working span. A significant portion of all expenses ( including expenses for li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ving) during education and training period can be considered as cost of occupational education, learning, experience, skill development, scientific, technical, commercial information base etc. which are necessary tools and apparatus of tangible and intangible nature of any individual who earn by applying his skills, knowledge, data base etc. For making a proper claim one need to have records and data about expenses, nature of expenses and their utility in building up useful information, data bases for skill development. For making out case of proper deduction (proportionate deduction) also convincing information and analysis of hours spent towards occupational goals is required. The above write-up is to give a general thought for brain stor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming and this can be explored and applied in cases of all individuals who take education and training ( formal and informal both) with a view to buildup skills and fitness for engaging in any occupation to earn his livelihood and to live actively and accomplish his economic and social status and goals. For discussions about personal and professional expenses one can search on this website and other websites On case law Search with : personal and professional expenses author found 2831 records with addition of income tax as second criteria records found are 1888. Readers can read them and apply in facts and circumstances of his own case and cases of his clients. Please share your views and expertise. - Scholarly articles for knowledge shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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