LEANDER PAESForties definitely look like early teens for this tennis ace, who did an encore this year by bagging the US Open Mixed Doubles Championship by teaming up with another tennis legend, Martina Hingis. While Paes' winning trajectory unravels the many aces up his sleeve, the player's never-say-never attitude has won him a constant fan following through all age groups.

RAMANATHAN KRISHNAN
The legendary Ramanathan Krishnan is one whose on-court exploits and fine craft of the game set the pace for others to follow. The Indian legend, whose remarkable career speaks volumes about his genius, is known for his contribution to the sport starting from the moment when Krishnan beat Rod Laver in the Davis Cup face off in 1959.

SANIA MIRZA
By winning the US Open Doubles Finals with Martina Hingis, India's tennis diva Saina Mirza did an encore. While Sania, along with Hingis clinched this year's Wimbledon with élan, what made the tennis zealots take notice was the relentless pursuit of her goals and how she managed to stay in the spotlight at the international arena.

MAHESH BHUPATHI
The indelible impressions that Mahesh Bhupathi has left to be emulated by the juniors are undeniable. It was his triumphant doubles and mixed doubles winning glory that made the tennis fraternity take notice of his acumen on court. Not to mention the number of championship titles Bhupathi has to his credit till date.

VIJAY AMRITRAJ
His on-court endeavours wrote a number of chapters of Indian tennis that one can't just miss. A tennis aficionado's delight, Amritraj's flamboyant presence on the tennis court and his accomplishments while playing against legends like Jimmy Connors and Björn Borg have always inspired many young guns in India to wield the racket.

ANAND AMRITRAJ
While the Amritraj brothers of Vijay and Anand became household names in India, Anand's tennis exploits certainly left some remarkable milestones. A successful tennis career that includes his talked about clashes with legends like John McEnroe, Jimmy Connors, et al, the legend was ranked top 5 in world doubles for 10 years.

RAMESH KRISHNAN
Reaching the quarter-finals of 1981 and 1987 US Open are some of the well-known achievements of Ramesh Krishnan, who is considered one of the anchors of Indian tennis today . The junior Wimbledon champion of 1979 is known for garnering as many as eight singles titles spanning a long career. He reached a career ranking of 23 in singles.





Even though it is 2015, Kanjivaram silk saris continue being popular. Dadar's Pramanik Sarees now gives you an opportunity to experience the rich heritage of South India's Kanchipuram weaved saris, popularly known as Kanjivaram. The store, which has been Mumbai's popular destination for saris for almost a decade, invites you to be a part of the Kanjivaram Silk Sari Festival, which will showcase works by some of the best weavers from Kanchipuram. Walk in and feel the richn ness of the saris, colours and heritage of a Kanchipuram. Kanjivaram saris are K known to be popular among actresses like is Rekha, Hema Malini, Sridevi and Vidya in Balan, who have often flaunted their of Kanjivaram saris with panache. pi With quality ensembles and impeccable ri service, Pramanik believes in creating unique creations for its customers that will ensure that you revisit the store often.With value for money on products, all you need to do is walk in to the store and take away a part of south Indian heritage.Keeping in mind the festive season, which is just around the corner, the store is offering a flat 20% discount on its entire range of Kanjivaram silk saris. Instead of shopping online, visit the store and feel the fabrics for yourself before making a choice.
Where: Pramanik Sarees, 9 Palai Plaza, Opposite Pritam Hotel, Dadar TT, Dadar (E).
Call: 022 61599100.

Chandralekha Mukerji





 

For the salaried class, it is easy to file eturns. There is Form 16 to turn to. There are also defined and well known heads under which salaried employees can claim deductions.However, for freelance professionals and consultants, it's a different story . To claim certain deductions, besides having to keep records of various financial transactions, they have to ensure that some little-known conditions are also met. “Quite often, they tend to miss out on claiming genuine expenses because of lack of awareness,“ says Varun Advani, COO, makemyreturns.com.Clearly, information is key to keeping the money in one's own pocket. Here's how freelancers and new entrepreneurs can ensure they do not miss out on deductions they are eligible for.

OPERATIONAL EXPENSES
A freelancer can claim expenses directly related to his or her business. This includes rent, repairs, office supplies, telephone bills, Internet bills, travel expenses--domestic and foreign--meals, entertainment and hospitality-related expenses connected with the business. These have to be business-related expenses and not personal. If you are using a mobile phone or Internet connection for personal and business purposes, only a portion of the bill can be claimed as deduction. “One can see the trend for a couple of months and then define the percentage of the bill which can be allocated to professional expenses,“ says Archit Gupta, Founder and CEO, ClearTax.in.
Similarly , in case you are living in a rented apartment and are using a room to carry out business-related activities, you can show a proportional amount as business rental.“Even if the house belongs to your parents, you can pay them rent and show it as a business expense,“ says Sudhir Kaushik, CA and CFO, Taxspanner .com.

Compliance Tip:
When paying in cash, make sure the amount does not exceeds `20,000 per day. As per Section 40 A (3), payments above `20,000, to qualify for deductions, have to be made using an accountpayee cheque.

DEPRECIATING ASSETS
On capital expenses, you are allowed to charge a small depreciation every year. Capital expenditures include furniture and gadgets used to set up your office, property bought to run business, etc, where benefits from such assets are expected to last more than a year. The depreciation percentage and methods are laid out in the I-T Act for different type of assets, ranging from 5% to 100%. In case you own the property and only a portion is being used as your office, you can still show depreciation on a percentage of property value. “If you have taken a home loan on this property, make sure you do not claim the amount twice. Deduct the business expense from your interest and principal repayment claims before you show it under the capital asset depreciation column,“ says Kaushik.
Compliance Tip:
The percentage you can charge as depreciation varies hugely, even within a category. For instance, for a building mainly used for residential purposes, you can charge 5-10% depreciation. However , if you have built wooden structures in the office, those can be depreciated at 100% in the first year itself. Then there are different rates for intangible assets such as patents and copyrights. It is important to recognise the block of assets correctly. If in doubt, it is best to take professional help.

PROFESSIONAL FEES
Freelancers often consult other professionals and pay them a fee. If documented, such payments can be claimed as deductions, as they qualify as business expense. However, do not try to fool the taxman. A lot of new entrepreneurs tend to employee their relatives at key positions at higher salaries. “To check these cases of tax-avoidance, the I-T department says that any payment made over and above the market rate for hiring such a resource, won't be eligible for deduction,“ says Advani.Entrepreneurs often take services from professionals outside India. Some of them work as consultants, while others are on pay-rolls.“Either the money is being paid as a fee or as salary , such an expense will be allowed for deductions only when TDS has been deducted and paid to the I-T department before filing taxes,“ says Advani.
Compliance Tip:
If you are a professional with a turnover of more than `25 lakh and are liable to get your books of accounts audited, payments such as interest, commission, royalty, etc. won't be allowed for deductions, if you have not deducted the tax at source and submitted it before filing the return.