Notes and Study material for Exams
Tax Expenditure is the revenue foregone as a result of exemptions and concessions. Tax expenditure was introduced for the first time in 2006-07 union budget. Tax expenditure is justified on following grounds: Act as an incentive for priority sector like
PUBLIC FINANCE Public finance is the study of the role of the government in the economy. It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. It includes the study of … Read more
Human Development is a process of enlarging people’s choices. The most critical ones are to lead a long and healthy life, to be educated and to enjoy a decent standard of living. Additional choices include political freedom, guaranteed Human Rights and self-respect.Human development has to be development of the people, by the people, for the … Read more
Regional Imbalances And Income Inequalitiies In India: Steps taken by the Government to reduce it. Regional imbalance is the disparity in economic and social development of two regions. One region/city/area is stronger than another region/city/area. Regions develop when investments are made to set up industries, service sectors, educational institutions, Health care facilities etc. Income inequality is the unequal distribution of … Read more
The productive capacity of an economy is directly linked to the size of its working – age Population relative to its total population, it is essential to distinguish between the two components when exploring the impact of demographic change on economic performance. Census 2011 data shows the overall Percentage of children in 0-6 year’s … Read more
Direct & Indirect Taxes Direct Tax Indirect Tax Corporation Tax Excise Duties Income tax Service Tax Interest Tax Central Value Added Tax (Vat) Expenditure Tax Sales Tax Wealth tax Property Tax Gift Tax … Read more
Organizations & Their Survey/Reports 1. World Economic & Social Survey U. N 2. World Investment Report UNCTAD 3. Global Competitiveness Report World Economic Forum 4. World Economic Outlook IMF 5. Business Competitive Index World Economic Forum 6. Green Index World Bank 7. Business Confidence Index NCAER 8. POVERTY Ratio Planning Commission 9. Economic Survey Ministry … Read more
Tax Reforms in India Sience 1990 ie the Chief Justice of India The Supreme Court of India is the highest court in India. It has: (a) One Chief Justice and 25 other judges (b) One Chief Justice and 30 other judges (c) One Chief Justice and 35 other judges (d) One Chief Justice and 40 … Read more
Profit and loss IMPORTANT FACTS Cost Price: The price, at which an ARTICLE is purchased, is called its cost price, abbreviated as C.P. Selling Price: The price, at which an article is sold, is called its selling prices, abbreviated as S.P. Profit or Gain: If S.P. is greater than C.P., the seller is said to have … Read more
Tax Laws: Laws relating to income, Profits, Wealth tax, Corporate tax The Income-tax Act, 1961 The Income tax Act, focusing on the rules and regulations of tax regulation, was initially put into existence in the year 1961. Under this act, everything related to Taxation and more are mentioned which also includes collection and levy. The … Read more