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Income Tax Deductions: – Income Tax Deductions means Subtraction i.e an amount that is eligible to reduce taxable income. It is a concession in the Income of Person. The amount of deduction is first included in the gross total income and then deducted from it to arrive at the total income. 80C: – Deduction on Investment, LIC premium, contribution to provident fund, tuition fees, etc. Who is entitled: – Available for Individuals or HUF Quantum Read more…

Cost Accounting Definition: Cost Accounting is the branch of accounting dealing with classification, recording, allocation, summarization, and reporting of current and prospective costs. Cost Accounting is the process of accounting for cost which begins with the incurrence of cost and ends with the control of cost. It is the formal system of accounting by means of which costs of products, services or activities are ascertained and controlled. Nature It is a branch of Knowledge- It Read more…

Do you want to become Rich? There is a story of two friends that give an answer to your question. Now, let’s learn with the first friend, what should we do to convert our dream life into real life or not: – 1. Mr. A was a fresher who got a private job after graduation whose salary Rs 15,000 and he wanted to become a rich person. But with his low salary chances to become Read more…

The word “Report” is derived from the Latin word of “reportare” which means carry back. Re means back and portare means to carry. Therefore, It is an explanation of an event carried back to someone who was not current on the scene. What is Report? “Report is a message presented before the management after making a detailed inquiry or examination with or without views or recommendations.” In other words, It takes the information which is used to find the Read more…

The Workmen Compensation Act,1923 aims to provide workmen and/or their dependents some relaxation in case of accidents arising out of and in the practices of employment and causing either disablement or death of workmen. The Act has been passed with the object of providing a speedier mechanism for payment of compensation. In case of sickness, disability, death due to inquiry and accident arising out of and in the course of employment. Workmen Compensation Act, 1923 Read more…

Fixed Deposit (FD) and Recurring Deposit (RD) have been popular for decades. This is because the returns from FDs and RDs are significantly higher than what one can receive from savings accounts. Both the fixed deposit and recurring deposit enable people to earn a higher interest on their savings. Fixed Deposit An FD is a financial instrument through which people can invest a predetermined amount of money for a period of time to earn interest Read more…

Factories Act 1948 The Factories Act 1948 aims at providing protection to workers against exploitation by unscrupulous employers and unhygienic and unsafe working conditions. It makes elaborate provisions for the health, welfare, and safety of workers. After studying this topic you should be able to understand the: History of the Factories Act. Objects of and Reasoning for the passing the Factories Act. Important Definitions under the Factories Act. Provisions relating to Health, Safety, and Welfare Read more…

Industrial Disputes Act,1947 In this vast concept of the Industrial Disputes Act 1947, we are about to discuss almost every topic related to this Act. What is the Act? Objectives Features Terms under Industrial Disputes Act: Appropriate Government Arbitrator Wages Industry Workmen Industrial Establishment Public Utility Settlement Authorities Under this Act,1947 Works Committee Conciliation officers Board of Conciliation Court of inquiry Labour Court Industry Tribunal National Tribunal Industrial Disputes Act- SlideShare This another SlideShare Link Read more…

Richest Man in India: The Forbes India Rich List 2019 has been topped by Reliance Industries chairman Mukesh Ambani’s net worth of $51.4 billion. He remained the richest man in India for the 12th year in a row. A change that happens in the new list of Forbes is an Industrialist Gautam Adani. He jumped eight spots on the list to become the 2nd richest Indian with a net worth of $15.7 billion. The magazine stated Read more…

B.Com B.Com [Bachelor of Commerce] is a graduate degree and it is mainly for the commerce stream students of class 12th. But there is no restriction for commerce stream students to pursue this degree. Nowadays, students are also studying BBA because BBA subjects are not so much hard to study than B.Com subjects. If you are interested in Business, Management, and Accounts and want to build a career in this respective field then this is the best Read more…