Start with a quick summary: 1  What is your project? 2  What are your assets? 3  How do you want the person to help? e.g. appearing at an event, signing a photo, etc. 4  Why they are a good candidate to get involved. 5  What will the celebrity get out of it? 6  Make it personal. 7  Proof read your letters, and have others look them over, too. 8  If you would like a 9  ... Inontacting celebrities can be time-consuming and expensive if you do it wrong, so it makes sense to have a solid plan before you start reaching out to people. Prepare your campaign materials thoroughly before you even consider which celebrities you want to get on board.
For the purposes of Income Tax Act, a previous year is a distinct unit. In case an asset is discarded by the business but not sold, section 43(6) permits the scrap value of the asset to be reduced from the block in the previous year in which such asset is discarded.nder the block concept, all the assets falling within the same class and subject to same rate of depreciation are clubbed together and considered as single asset. Any alterations to the value of the block have to be strictly in accordance with the provisions of Chapter IV D of Income Tax Act, 1961.
For example, an Net Operating Loss (NOL) carry-forward is worthless if the firm does not expect to have positive taxable income for the next 20 years. Since accounting is conservative, firms must reduce the value of their deferred tax assets by a deferred tax-asset valuation allowance. This is a contra-asset account CR (credit) balance on the balance sheet - just like accumulated depreciation or the allowance for uncollectible accounts) that reduces the deferred tax asset to its expected realizable value. Increasing the valuation allowance increases deferred income tax expense; decreasing the allowance does the opposite. Changes in the allowance affect income tax expense. Although the need for an allowance is subjective, its existence and magnitude reveals management's expectation of future earnings.