Any freebies given to doctors and their associations by the pharmaceutical companies by way of gift, travel facility, hospitality, cash grant and so on, is not allowable as expenditure, while computing the taxable business income of such companies, says a CBDT Circular. The Medical Council of India (MCI) had in 2009 prohibited medical practitioners and their associations from accepting these and other freebies from the pharmaceutical companies at the pain of being hauled up for violating professional ethics. The Explanation to Section 37(1) disallows expenses that are in violation to any law of the land. The regulations made by (MCI) a statutory body is the law of land governing the medical fraternity, and hence, any expenses incurred in violation thereof is squarely hit by the said Explanation, says the circular.
Source : http://www.thehindubusinessline.com/companies/article3991935.ece
Subscribe to:
Post Comments (Atom)
-
Drafts of tax accounting standard on construction contracts, government grants issued The Central Board of Direct Taxes (CBDT) has invited c...
-
After the ICAI regional council and central council elections , there is an anxious waiting period for resul...
-
Here is the final list of candidates won from WIRC for Central Council: Sr. No. Name of Candidate 1 CA. Adukia Rajkumar Satyanarayan 2 CA...
No comments:
Post a Comment
What do you think about this? Please write your comment.