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Eye of Siva

Ars longa, vita brevis

Ransom tax deduction


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The Madhya Pradesh High Court has come to our rescue! Now any money paid towards ransom is tax deductible! This is indeed good news for all businesses operating in the country that is subject to kidnappings of executives.

This story brought to us by the hardworking Hindu Business Line. The taxman noted that the finance minister had stated that he “propose[s] to explicitly provide retrospectively since the inception of Income Tax Act, 1961 that any money paid by way of extortion will not qualify for deduction as a business expense.”

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