Students are suggested to update address through mail so that We can Courier GST book for Coverage of Taxation part.
Source to cover these topics:-
📝For Taxaxtion:-
https://www.icai.org/post.html?post_id=14466
📝For Audit and Tax
Civil service Gurukul notes & Book
📝For Taxaxtion:-
https://www.icai.org/post.html?post_id=14466
📝For Audit and Tax
Civil service Gurukul notes & Book
Commerce Optional (UPSC-IAS)
Photo
We are very happy to start daily answer writing practice on Tax and audit syllabus of UPSC Commerce Optional from 16th July. 😊😊 Schedule will be shared in this channel also and registered student will get schedule through mail in excel sheet.
With best Regards
CA DHANANJAY OJHA-Founder of Civil Service Gurukul.
@cadhananjay
With best Regards
CA DHANANJAY OJHA-Founder of Civil Service Gurukul.
@cadhananjay
Principles of Effective Sound Organisation
The following principles are helpful in developing a sound and efficient organization structure
1. Objectives and Purpose
organisation is the foundation of management. Defined and Orderly planning is necessary for a good organisation.
It provides the framework within which all activities of the various department are carried out.
The purpose of organisation is to avoid waste of time and duplication of work, and at the same time it aims at maximum co-ordination among departments to achieve desired goals.
2. Specialization and Definiteness
The principle of specialization is the division of work aiming at maximum results. The effective attainment of the objectives needs specialization in organisational functions through the division of labour.
Through a good organisation, each work is well defined and is distributed on the basis of skill, experience and ability of the persons involved.
3. Delegation and Authority
Authority always flows downward, while responsibility always moves upward. A clear definition of authority and responsibility is essential.
A busy management allocates task among the sub-ordinates. A successful office manager never performs the task himself, but gets the work done by others.
4. Span of Control
The span of supervision or the span of authority or span of control limits the number of sub-ordinates reporting to a chief.
An office manager should be expected to supervise a reasonable number of sub-ordinates. A sound organisation requires a proper balance between a section-head and workers.
5. Co-ordination and Balance
Co-ordination is essential to bring unity of action in the organisation. Centralization of control of an organisation can be achieved through interlocking all units of the organisation.
To secure co-ordination, working relationship should be established.
Co-ordination aims at higher efficiency and effectiveness. It is a facilitative function.
It helps the integration of the basic managerial functions i.e. planning, organizing, motivation and control.
Join 🔜 @commercoptional
6. Decision-Making and Continuity
The organizational structure should be capable of ensuring the continuity of existence of an enterprise, and must permit the growth and expansion without dislocation of existing methods.
The decision-making process should be moved from bottom to upwards.
7. Responsibility
Without authority there cannot be any responsibility. Assignment of responsibility should be coupled with authority sufficient to carry them out.
There must be parity between authority and responsibility.
Each worker must have sufficient authority to discharge the responsibility assigned to him.
Join 🔜 @commercoptional
8. Efficiency
Available human resources should be utilized to the best and fullest capacity in order to achieve the highest efficiency through operations.
The structure formulated should enable the enterprise to function efficiently and to achieve its objectives with minimum cost and effort.
9. Grouping
The work of the enterprise is divided into certain groups of activities and placed in charge of different departments or sections. The work load must be equally distributed to ensure smooth working of the enterprise.
A periodical evaluation of the work load of departments and the workers should be made by the management.
10. Personal Ability
As people constitute an organization, proper selection, placement and training are necessary. Organizational structure must ensure optimum use of human resources.
11. Flexibility
Organization must be flexible so that it can be adjusted to changing conditions. It must permit expansion, replacement, merger etc. It should not be rigid.
12. Scalar Principle
The line of authority, called the chain of command, from the top executive to the lowest level executive should be clear and unbroken. Every individual should know whom he reports and who reports to him.
The following principles are helpful in developing a sound and efficient organization structure
1. Objectives and Purpose
organisation is the foundation of management. Defined and Orderly planning is necessary for a good organisation.
It provides the framework within which all activities of the various department are carried out.
The purpose of organisation is to avoid waste of time and duplication of work, and at the same time it aims at maximum co-ordination among departments to achieve desired goals.
2. Specialization and Definiteness
The principle of specialization is the division of work aiming at maximum results. The effective attainment of the objectives needs specialization in organisational functions through the division of labour.
Through a good organisation, each work is well defined and is distributed on the basis of skill, experience and ability of the persons involved.
3. Delegation and Authority
Authority always flows downward, while responsibility always moves upward. A clear definition of authority and responsibility is essential.
A busy management allocates task among the sub-ordinates. A successful office manager never performs the task himself, but gets the work done by others.
4. Span of Control
The span of supervision or the span of authority or span of control limits the number of sub-ordinates reporting to a chief.
An office manager should be expected to supervise a reasonable number of sub-ordinates. A sound organisation requires a proper balance between a section-head and workers.
5. Co-ordination and Balance
Co-ordination is essential to bring unity of action in the organisation. Centralization of control of an organisation can be achieved through interlocking all units of the organisation.
To secure co-ordination, working relationship should be established.
Co-ordination aims at higher efficiency and effectiveness. It is a facilitative function.
It helps the integration of the basic managerial functions i.e. planning, organizing, motivation and control.
Join 🔜 @commercoptional
6. Decision-Making and Continuity
The organizational structure should be capable of ensuring the continuity of existence of an enterprise, and must permit the growth and expansion without dislocation of existing methods.
The decision-making process should be moved from bottom to upwards.
7. Responsibility
Without authority there cannot be any responsibility. Assignment of responsibility should be coupled with authority sufficient to carry them out.
There must be parity between authority and responsibility.
Each worker must have sufficient authority to discharge the responsibility assigned to him.
Join 🔜 @commercoptional
8. Efficiency
Available human resources should be utilized to the best and fullest capacity in order to achieve the highest efficiency through operations.
The structure formulated should enable the enterprise to function efficiently and to achieve its objectives with minimum cost and effort.
9. Grouping
The work of the enterprise is divided into certain groups of activities and placed in charge of different departments or sections. The work load must be equally distributed to ensure smooth working of the enterprise.
A periodical evaluation of the work load of departments and the workers should be made by the management.
10. Personal Ability
As people constitute an organization, proper selection, placement and training are necessary. Organizational structure must ensure optimum use of human resources.
11. Flexibility
Organization must be flexible so that it can be adjusted to changing conditions. It must permit expansion, replacement, merger etc. It should not be rigid.
12. Scalar Principle
The line of authority, called the chain of command, from the top executive to the lowest level executive should be clear and unbroken. Every individual should know whom he reports and who reports to him.
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Civil Service Gurukul
Daily Answer Writing Practice for Commerce Optional UPSC (Mains)- Day 11 - Civil Service Gurukul
#Q.1) Describe the need and significance of Organisation -15 Marks #Q.2) Organisation is the human group deliberately and consciously created for the attainment of certain Read More ...
Gentle Reminder.
Today is last date of Registeration for guidance program of 2020 for UPSC commerce optional and Test series of 2019 of UPSC Commerce Optional.
With best regards
Civil Service Gurukul
@cadhananjay
Today is last date of Registeration for guidance program of 2020 for UPSC commerce optional and Test series of 2019 of UPSC Commerce Optional.
With best regards
Civil Service Gurukul
@cadhananjay
🎉🎉Best of luck to students for writing today Test paper of Commerce Optional.Pls be calm and cool.Give your best.
Test time :- 2.30 pm to 5.30 pm.
With best Regards
Civil Service Gurukul
@cadhananjay
Test time :- 2.30 pm to 5.30 pm.
With best Regards
Civil Service Gurukul
@cadhananjay
Income-tax is the most significant direct tax. Entry 82 of the Union List i.e., List I of Seventh Schedule to Article 246 of the Constitution of India has given the power to Parliament to make laws on taxes on income other than agricultural income.
Components of income-tax law
• Income-tax Act, 1961 – governs the levy of income-tax in India.
• Income-tax Rules, 1962 – formulated for proper administration of the Act.
• Annual Finance Act – Amendments in the Income-tax Act, 1961 are effected every year through the Annual Finance Act.
• Circulars – issued by CBDT to clarify the meaning and scope of certain provisions of the Act.
• Notifications – issued to give effect to the provisions of the Act/ make or amend Rules.
• Case law decisions – interprets the various provisions of income-tax law.
Components of income-tax law
• Income-tax Act, 1961 – governs the levy of income-tax in India.
• Income-tax Rules, 1962 – formulated for proper administration of the Act.
• Annual Finance Act – Amendments in the Income-tax Act, 1961 are effected every year through the Annual Finance Act.
• Circulars – issued by CBDT to clarify the meaning and scope of certain provisions of the Act.
• Notifications – issued to give effect to the provisions of the Act/ make or amend Rules.
• Case law decisions – interprets the various provisions of income-tax law.
😊Educational Updates
from tomorrow, We will start Taxation subtopic of UPSC Commerce Optional Paper 1.
For more info , Contact @cadhananjay
from tomorrow, We will start Taxation subtopic of UPSC Commerce Optional Paper 1.
For more info , Contact @cadhananjay
Income-tax is a TAX levied on the TOTAL INCOME of the PREVIOUS YEAR of every PERSON.
(1) Person: A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company etc.
(2) Concept of Previous year (P.Y.) and Assessment Year (A.Y.): Previous year is the financial year immediately preceding the assessment year i.e., it is the financial year ending on 31st March, in which the income has accrued/received.
In case of a newly set-up business, the previous year would be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly came into existence, and ending on 31st March.
Assessment year (A.Y.): Assessment year means the period of twelve months commencing on the 1st April every year.
Exception to the rule that income is charged to income-tax in the Assessment Year following the previous year:
The income of an assessee for a previous year is charged to income-tax in the assessment year following the previous year. However, in the following cases, this rule does not apply and the income is taxed in the previous year in which it is earned.
(i) Shipping business of non-resident [Section 172]
(ii) Persons leaving India [Section 174]
(iii) AOP/BOI/Artificial Juridical Person formed for a particular event or purpose [Section 174A]
(iv) Persons likely to transfer property to avoid tax [Section 175]
(v) Discontinued business [Section 176]
Previous Year for Undisclosed Sources of Income: The following undisclosed source of income are charged to tax in the previous year in which they assessed by the Assessing Officer:
(i) Cash Credits [Section 68]
(ii) Unexplained Investments [Section 69]
(iii) Unexplained money etc. [Section 69A]
(iv) Amount of investments etc., not fully disclosed in the books of account [Section 69B]
(v) Unexplained expenditure [Section 69C]
(vi) Amount borrowed or repaid on hundi [Section 69D]
The above undisclosed incomes are chargeable to tax @78% [i.e., 60% plus
surcharge @25% plus cess @4%] as specified under section 115BBE.
(3) Total Income: Total income has to be computed as per the provisions contained in the Income-tax Act, 1961. The following steps has to be followed for computing the total income of an assessee:
Step 1 – Determination of residential status
Step 2 – Classification of income under different heads
Step 3 – Computation of income under each head after providing for permissible deductions/ exemptions
Step 4 – Clubbing of income of spouse, minor child etc. Step 5 – Set-off or carry forward and set-off of losses Step 6 – Computation of Gross Total Income
Step 7 – Deductions from Gross Total Income
Step 8 – Computation of Total income
(1) Person: A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company etc.
(2) Concept of Previous year (P.Y.) and Assessment Year (A.Y.): Previous year is the financial year immediately preceding the assessment year i.e., it is the financial year ending on 31st March, in which the income has accrued/received.
In case of a newly set-up business, the previous year would be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly came into existence, and ending on 31st March.
Assessment year (A.Y.): Assessment year means the period of twelve months commencing on the 1st April every year.
Exception to the rule that income is charged to income-tax in the Assessment Year following the previous year:
The income of an assessee for a previous year is charged to income-tax in the assessment year following the previous year. However, in the following cases, this rule does not apply and the income is taxed in the previous year in which it is earned.
(i) Shipping business of non-resident [Section 172]
(ii) Persons leaving India [Section 174]
(iii) AOP/BOI/Artificial Juridical Person formed for a particular event or purpose [Section 174A]
(iv) Persons likely to transfer property to avoid tax [Section 175]
(v) Discontinued business [Section 176]
Previous Year for Undisclosed Sources of Income: The following undisclosed source of income are charged to tax in the previous year in which they assessed by the Assessing Officer:
(i) Cash Credits [Section 68]
(ii) Unexplained Investments [Section 69]
(iii) Unexplained money etc. [Section 69A]
(iv) Amount of investments etc., not fully disclosed in the books of account [Section 69B]
(v) Unexplained expenditure [Section 69C]
(vi) Amount borrowed or repaid on hundi [Section 69D]
The above undisclosed incomes are chargeable to tax @78% [i.e., 60% plus
surcharge @25% plus cess @4%] as specified under section 115BBE.
(3) Total Income: Total income has to be computed as per the provisions contained in the Income-tax Act, 1961. The following steps has to be followed for computing the total income of an assessee:
Step 1 – Determination of residential status
Step 2 – Classification of income under different heads
Step 3 – Computation of income under each head after providing for permissible deductions/ exemptions
Step 4 – Clubbing of income of spouse, minor child etc. Step 5 – Set-off or carry forward and set-off of losses Step 6 – Computation of Gross Total Income
Step 7 – Deductions from Gross Total Income
Step 8 – Computation of Total income
👆🏻Above topics are related with Taxation subtopics of UPSC Commerce Optional
Rebate under section 87A: Rebate of up to Rs. 2,500 for resident individuals having total income of up to Rs. 3.5 lakh.
“Health and Education cess” on Income-tax: 4% of income-tax and surcharge, if applicable
“Health and Education cess” on Income-tax: 4% of income-tax and surcharge, if applicable
👆🏻Above topics are related with Taxation subtopics of UPSC Commerce Option
Students appearing in UPSC Mains 2019 are suggested to participate in Taxation preparation and daily answer writing practice also.
Commerce Optional (UPSC-IAS),
Target for 16/07
👆Above are subtopic for Commerce Optional Paper 1 of Taxation
✅Income Tax: Definitions; Basis of Charge
✅
Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.
Join 🔜 @commerceoptional
😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact
CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay
Target for 16/07
👆Above are subtopic for Commerce Optional Paper 1 of Taxation
✅Income Tax: Definitions; Basis of Charge
✅
Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.
Join 🔜 @commerceoptional
😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact
CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay
Commerce Optional (UPSC-IAS),
Target for 16/07
👆Above are subtopic for Commerce Optional Paper 1 of Taxation
✅✅
Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.
Join 🔜 @commerceoptional
😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay
Target for 16/07
👆Above are subtopic for Commerce Optional Paper 1 of Taxation
✅✅
Note- Students are advised to read only that subtopics for UPSC commerce Optional Preparation.
Join 🔜 @commerceoptional
😊 This will be very useful for students of Commerce Optional.
For Guidance Purpose Contact CA Dhananjay Ojha (Chartered Accountant)
Contact @cadhananjay