Category: Business

With the Budget 2012 to be presented by the Finance Minister, Pranab Mukherjee on March 16, The Associated Chambers of Commerce and Industry of India (Assocham) has raised certain issues that pertain to the hotel industry. The Chamber has also recommended a few measures to the government for addressing the same.

Recommendations: Under Rule 114B of the Rules, PAN number is required for all payments exceeding Rs.25,000 in hotels and restaurants. This requirement should be dispensed with in case of payments made through credit cards.

This clause may be continued but its applicability can be restricted to hotels and restaurants for only cash payments above Rs.25,000. Alternatively, the limit can be enhanced to Rs. 100,000.

Depreciation and Additional Depreciation

Recommendations: Hotels were eligible for the depreciation allowance of 20% on their plant (building) till March 31, 2002. The depreciation allowance for hotels was, however, scaled down to 10% vide Notification No. 291/2002 dated 27.09.2002.

Section 32 of the IT Act should therefore be amended to restore the depreciation rate to 20%.

Further, the additional depreciation applicable to Plant & Machinery under section 32(1) (iia) should also be allowed to hotels which have to make heavy investments in plant and machinery.

Prev Next
Anantara Kihavah Villas
varuval PAsta
Verdure Pizza
Italian Ingredients & Food
Copa Giant Banana Split
Yogurt & Veggie Sandwich
The St. Regis Macao, Cotai Central in Macau
The Leela Palaces Hotels and Resorts
Taj Palace, New Delhi
The Colonnade
  • 1
  • 2
  • 3
  • 4
  • 5
Prev Next
V Resorts Sattal
The King of Thali
Scrumptious Macao Getaway Package
My Fortune Dining
Estrellita's - Zomato
Vivanta by Taj – Guwahati, Assam.  Seven wonders in one cool spot
 Oaks Neemrana
Shangri-La Hotel, Bengaluru
The Venetian® Macao
Leisure Inn Grand Chanakya, Jaipur
soba noodles at Foodhall
Jakson Hospitality, Maharashtra
Ice Cream Sundae with crushed coffee meringue and strawberry suace
Mercure Hyderabad KCP - Superior Room
Nawabsahabka Sunday Brunch’ - The Golkonda Hotel