09 November 2020 Daily Answer Writing Practice- DAY 5 Organisation Theory of UPSC Commerce Optional Evolution of Organisational throry:- Classical ,New Clasical and system approach.Modern Concepts of Organisation Theory https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-15/
Civil Service Gurukul
Daily Answer Writing Practice for Commerce Optional UPSC (Mains)- Day 15 - Civil Service Gurukul
#Q.1) Classical organisation structure inhibits productivity and is unable to accomodate the change.How behavioural model overcomes such objection to the classical organisation structure. #Q.2) Contribution of Read More ...
10 November 2020 Daily Answer Writing Practice- DAY 6 Organisation Theory of UPSC Commerce Optional Evolution of Organisational throry:- Classical ,New Clasical and system approach.Modern Concepts of Organisation Theory https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-16/
Civil Service Gurukul
Daily Answer Writing Practice for Commerce Optional UPSC (Mains)- Day 16 - Civil Service Gurukul
#Q.1) Do you consider that contingency approach to organisational analysis provides a more realistic tool than systems approach? Discuss #Q.2)Mention the assumption relating to humans Read More ...
11 November 2020 Daily Answer Writing Practice- DAY 7 Organisation Theory of UPSC Commerce Optional Organisation Design & Challenges in Organisational Design https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-17/
Civil Service Gurukul
Daily Answer Writing Practice for Commerce Optional UPSC (Mains)- Day 17 - Civil Service Gurukul
Organisation Theory- Organisational Design # Q.1) Write short notes on 1) Organisation Chart 2) Linking PIN Model.-10 Marks #Q.2) Organizational design is a step-by-step Read More ...
12 November 2020 Daily Answer Writing Practice- DAY 8 Organisation Theory of UPSC Commerce Optional Organisation Design & Challenges in Organisational Design https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-18/
Civil Service Gurukul
Daily Answer Writing Practice for Commerce Optional UPSC (Mains)- Day 18 - Civil Service Gurukul
Organisation Theory- Organisational Design # Q.1) Explain and distinguish between Vertical integration and Horizontal integration. Briefly describe the various types of each and the circumstances Read More ...
13 November 2020 Daily Answer Writing Practice- DAY 9 Organisation Theory of UPSC Commerce Optional Designing Organisational Structures https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-19/
14 November 2020 Daily Answer Writing Practice- DAY 10 Organisation Theory of UPSC Commerce Optional Designing Organisational Structures https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-20/
15 November 2020 Daily Answer Writing Practice- DAY 11 Organisation Theory of UPSC Commerce Optional Types of Organisation Structure Functional . Matrix Structure , Project Structure https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-21/
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
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(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
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Unit-8.pdf
1.4 MB
CLASSICAL APPROACH LUTHER
GULICK AND
LYNDALL URWICK.
👆Relevant for Commerce Optional paper 2.
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GULICK AND
LYNDALL URWICK.
👆Relevant for Commerce Optional paper 2.
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Forwarded from Civil Service Gurukul (🌟Civil Service Gurukul🌟)
What are Small Savings Instruments?
Saving schemes are instruments that help individuals achieve their financial goals over a particular period.
These schemes are launched by the Government of India, public/private sector banks, and financial institutions.
The government or banks decide the interest rate for these schemes and are periodically updated.
You can use the savings you make through these schemes for emergencies, retirement, higher education, children's education, marriage, at the time of job loss, to reduce debts and more.
Why are they significant?
Saving schemes are important for individuals of a country and, in turn, for an economy because of the following reasons:
Safety: Depositing your hard-earned excess money in saving schemes will help secure it for your future needs. Holding on to liquid money may not be safe.
Retirement Funds: Periodically, depositing money in long-term saving schemes can help you build a retirement corpus..
Tax Savings: Many saving schemes offer one or the other kind of tax benefitsmay it be tax deductions, exemption, or both.
Avoid Unwanted Expenses: When you have all the money at hand, you may end up spending it on unwanted items.
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Saving schemes are instruments that help individuals achieve their financial goals over a particular period.
These schemes are launched by the Government of India, public/private sector banks, and financial institutions.
The government or banks decide the interest rate for these schemes and are periodically updated.
You can use the savings you make through these schemes for emergencies, retirement, higher education, children's education, marriage, at the time of job loss, to reduce debts and more.
Why are they significant?
Saving schemes are important for individuals of a country and, in turn, for an economy because of the following reasons:
Safety: Depositing your hard-earned excess money in saving schemes will help secure it for your future needs. Holding on to liquid money may not be safe.
Retirement Funds: Periodically, depositing money in long-term saving schemes can help you build a retirement corpus..
Tax Savings: Many saving schemes offer one or the other kind of tax benefitsmay it be tax deductions, exemption, or both.
Avoid Unwanted Expenses: When you have all the money at hand, you may end up spending it on unwanted items.
Join 🔜 @economyupsc
Also Join @Commerceoptional
Insurance Amendment Bill 2021
The Bill seeks to amend the Insurance Act, 1938.
The Act provided the framework for functioning of insurance businesses and regulates the relationship between an insurer, its policyholders and its shareholders.
It also had provisions regarding the regulator (the Insurance Regulatory and Development Authority of India).
Key highlights of the bill
The Bill seeks to increase the maximum foreign investment allowed in an Indian insurance company.
() Foreign investment
The Act allows foreign investors to hold up to 49% of the capital in an Indian insurance company, which must be owned and controlled by an Indian entity.
The Bill increases the limit on foreign investment in an Indian insurance company from 49% to 74%, and removes restrictions on ownership and control.
However, such foreign investment may be subject to additional conditions as prescribed by the central government.
() Investment of assets
The Act requires insurers to hold a minimum investment in assets which would be sufficient to clear their insurance claim liabilities.
If the insurer is incorporated or domiciled outside India, such assets must be held in India in a trust and vested with trustees who must be residents of India.
The Act specifies in an explanation that this will also apply to an insurer incorporated in India, in which at least: (i) 33% capital is owned by investors domiciled outside India, or (ii) 33% of the members of the governing body are domiciled outside India.
Join 🔜 @economyupsc
Also Join @Commerceoptional
The Bill seeks to amend the Insurance Act, 1938.
The Act provided the framework for functioning of insurance businesses and regulates the relationship between an insurer, its policyholders and its shareholders.
It also had provisions regarding the regulator (the Insurance Regulatory and Development Authority of India).
Key highlights of the bill
The Bill seeks to increase the maximum foreign investment allowed in an Indian insurance company.
() Foreign investment
The Act allows foreign investors to hold up to 49% of the capital in an Indian insurance company, which must be owned and controlled by an Indian entity.
The Bill increases the limit on foreign investment in an Indian insurance company from 49% to 74%, and removes restrictions on ownership and control.
However, such foreign investment may be subject to additional conditions as prescribed by the central government.
() Investment of assets
The Act requires insurers to hold a minimum investment in assets which would be sufficient to clear their insurance claim liabilities.
If the insurer is incorporated or domiciled outside India, such assets must be held in India in a trust and vested with trustees who must be residents of India.
The Act specifies in an explanation that this will also apply to an insurer incorporated in India, in which at least: (i) 33% capital is owned by investors domiciled outside India, or (ii) 33% of the members of the governing body are domiciled outside India.
Join 🔜 @economyupsc
Also Join @Commerceoptional
👆financial markets topic of paper 1 insurance sector reforms