Sunday, November 19, 2017

Income Tax Authorities

Income Tax Authorities
Section  of the Income Tax Act, 1961 provides for the administrative and judicial authorities for administration of this Act. The Direct Tax Laws Act, 1987 has brought far-reaching changes in the organizational structure. The implementation of the Act lies in the hands of these authorities. The change in designation of certain authorities and creation of certain new posts in the structure are the main features of amendments made by The Direct Tax Laws Act, 1987. The new features of authorities has been properly depicted in a chart on the facing page. These authorities have been grouped into two main wings :
(i)  Administrative [ Income Tax Authorities ][ Sec. 116 ]
(a)       the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963),
(b)      Directors-General of Income-tax or Chief Commissioners of Income-tax,
(c)       Directors of Income-tax or Commissioners of Income-tax or Commissioners of Income-tax (Appeals),
(d)      Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional Commissioners of Income-tax (Appeals),
(e)      Joint Directors of Income-tax or Joint Commissioners of Income-tax.
(f)        Deputy Directors of Income-tax or Deputy Commissioners of Income-tax or Deputy Commissioners of Income-tax (Appeals),
(g)       Assistant Directors of Income-tax or Assistant Commissioners of Income-tax,
(h)      Income-tax Officers,
(i)         Tax Recovery Officers,
(j)        Inspectors of Income-tax.
(ii) Assessing Officer [ Sec. 2(7A)]

Monday, November 13, 2017

Logistics Management and Distribution

Meaning of Logistics
Logistics means to make the goods available to the end customer at the right place on the right time. In this fast moving world, the companies want to reach to their customers more efficiently and quickly than their competitors so that the customers purchase their products. In this situation it becomes very essential for the businesses to keep a close track on the overall process starting from the procurement of the material to how the finished products are supplied to the front end so that they can be in reach of the target segment.
Logistics consists of all parties involved, directly or indirectly, in fulfilling a customer request. It not only includes the manufacturers and suppliers, but also transporters, warehouse, retailers, and customers themselves. It consists of the flow of products and services from:
Ø  Raw materials suppliers.
Ø  Final goods manufacturers.
Ø  C & F agents, Wholesalers, distributors
Ø  Retailers.
Ø  End customer.

Logistic Management
The word ‘warehousing’ means the efficient management of the stock (inventory/finished goods) and supplying it at the time of need. ‘Inventory Management’ means handling the inventory at all the stages of the product so that the production and the sales process runs smoothly. ‘Transportation Management’ means the control of the part of travelling of the goods from one place to another. Thus ‘Logistics Management’ can be referred as the linkage between various stages of transferring the goods starting from the manufacturer (owner) to the needy (end customer). The idea of an organization behind this sequence is to make the goods available to the end customer effectively, efficiently and economically.

Organised and Unorganized Retailing In India

Unit – 4: Organised and Unorganised retailing in India

Evolution of Retailing in India
While barter is considered to be the oldest form of retail trade, since independence, Retail in India has evolved to support the unique needs to our country given its size and complexity. Haats, Mandis and Melas have always been a part of the Indian landscape. They will continue to be present in most parts of the country and form an essential part of life and trade in various areas.
The PDS or the Public Distribution System would easily as the single largest retail chain existing in the country. The evolution of the public distribution of grains in India has its origin in the ‘rationing’ system introduced by the British during the World War II. The System was started in 1939 in Bombay and subsequently extended to other cities and towns. By the year 1946, as many as 771 cities / towns were covered. The system was abolished post war, however, on attaining Independence, India was forced to reintroduce it in 1950 in the face of renewed inflationary pressures in the economy.
Tracing the evolution of Indian retail would be incomplete without mention of the Canteen Stores Department and the Post Offices in India. The Khadi & Village Industries (KVIC) was also set up post independence. Today, there are more than 7,050 KVIC stores across the country. The Co-operative movement was again championed by the government which set up Kendriya Bhandras in 1963. In Maharashtra, Bombay Bazaar, which stores under the label Sahakari Bhandar, and Apna Bazaars run a large chain of Co-operative stores.
In the past decade, the Indian marketplace has transformed dramatically. However from the 1950’s to the 80’s investments in various industries was a limit due to the low purchasing power in the hands of the consumer and the Governments policies favoring the small- scale sector? It was at this time that many steps towards liberalization were taken in the period of 1985-90. It was at this time many restrictions on private companies were lifted, and in the 1990’s the Indian economy slowly progressed from state led to becoming ‘market friendly’.

Types of Retailing

Unit – 2: Types of Retailing

Various Types of Retailing
Regardless of the particular type of retailer (such as a supermarket or a department store), retailers can be categorized by (a) Ownership, (b) Store strategy mix, and (c) Non store operations.
1. Form of Ownership: A retail business like any other type of business, can be owned by a sole proprietor, partners or a corporation. A majority of retail business in India are sole proprietorships and partnerships.

a. Independent Retailer: Such retailers generally operates one outlet and offers personalized service, a convenient location and close customer contact. Roughly 98% of all the retail businesses in India, are managed and run by independents, including barber shops, drycleaners, furniture stores, bookshops, LPG Gas Agencies and neighborhood stores. This is due to the fact that entry into retailing is easy and it requires low investment and little technical knowledge. This obviously results in a high degree of competition. Most independent retailers fail because of the ease of entry, poor management skills and inadequate resources.

b. Retail Chain: It involves common ownership of multiple units. In such units, the purchasing and decision making are centralized. Chains often rely on, specialization, standardization and elaborate control- systems. Consequently chains are able to serve a large dispersed target market and maintain a well known company name. Chain stores have been successful, mainly because they have the opportunity to take advantage of "economies of scale" in buying and selling goods. They can maintain their prices, thus increasing their margins, or they can cut prices and attract greater sales volume. Unlike smaller, independent retailers with lesser financial means, they can also take advantage of such tools as computers and information technology.

Retailing - Nature and Scope

Unit – 1: Retailing – Nature and Scope
Meaning of Retailing

What is Retail?
In today’s competitive environment, retaining customer is a difficult task. Customer should get the product at their doorstep, due to which many intermediaries went on adding to the distribution channel. Distribution becomes narrower with the innovation of the word “Retail”. Retail is defined as any business that directs its marketing efforts towards satisfying the final consumers, based up on the organization of selling goods and services as a means of distribution. The word ‘retail’ is dried from the French word retailer, meaning ‘to cu a piece off’ or ‘to break bulk’.

Who is a Retailer?
A retailer is a merchant or occasionally an agent or a business enterprise, whose main business is selling directly to ultimate consumers for non-business use. He performs many marketing activities such as buying, selling, grading, risk-trading, and developing information about cusotmer's wants. A retailer may sell infrequently to industrial users, but these are wholesale transactions, not retail sales. If over one half of the amount of volume of business comes from sales to ultimate consumers, i.e. sales at retail, he is classified as a retailer. Retailing occurs in all marketing channels for consumer products.

Meaning of Retailing

Sunday, November 12, 2017

Entrepreneurship Development Solved Papers: November' 2015

2015 (November)
Course: 502
The figures in the margin indicate full marks for the questions
1. Answer the following questions as directed:
1)      Mention one of the objectives of Business Planning.                     1 To achieve desired objectives
2)      The chief goal of entrepreneurship is field study/pilot study to establish an enterprise. (Choose the correct answer)                               1             
3)      Creation, innovation and entrepreneurship are three foundations of entrepreneurship development (Fill in the blank)   1
4)      Write the full forms of NEITCO and SISIs.                      2
Small Industries Service Institute
5)      Mention an adverse impact of globalization on the Indian economy.                               1
Rise in demand for labour and the rise in wage rates leading to some increase in costs. 
6)      There is no difference between ‘entrepreneurship’ and intrapreneurship’. (Write True or False)                      1
7)      Name Joseph A. Schumpeter’s theory of entrepreneurship.                 1 Theory of Innovation
2. Write short notes on the following:                    4x4=16

Business Environment Multiple Choice Questions

2016 (New Course)
1. Answer as directed:                                                   1x8=8
a)      Mention any one of the elements of Indian business environment.                         Political Environment
b)      Economic growth always increases welfare.                        (Write True or False)
c)       Mention one objective of economic growth.      enhancing and improving quality of life 
d)      Write one cause of industrial sickness.                   Lack of Continuous power supply            
e)      Mention one advantage of privatization.              Improved efficiency
f)       In which year was the World Trade Organization set up?                               1995
g)      Write the full form of SEZ.                                            Special Economic Zone
h)      Write the full form of SAFTA.                                      South Asian Free Trade Area
2016 (Old Course)
1. Answer as directed:                                                   1x8=8
a)      Mention any one natural element of business environment.      weather and climatic condition
b)      Mention one drawback of privatization.                                                Natural Monopoly
c)       Economic growth always increases welfare. (Write True or False)
d)      Write the full form of MRTP.                                       Monopolistic and Restrictive Trade Practices
e)      Mention one objective of the IMF.                          To promote international monetary cooperation
f)       In which year was the World Trade Organization set up?                               1995
g)      Write one function of capital market.                                                     Raising long term funds
h)      Write the full form of GATT.                                                                        General Agreement on Tariffs and Trade
2015 (New Course)

Business Environment Solved Papers: November' 2012

2012 (November)
Commerce (General/Speciality)
1.Answer as directed:
(a) Mention any one of the components of Indian Business Environment.            Political environment
(b) There is no difference between Business Environment and Economic Environment. (state True or False)
(c) In which year was the WTO set up?                   1995
(d) Write the full form of SEZ.                     Special Economic Zone
(e) Write the full form of MFN.                  Most Favoured Nation
(f) In which year was the International Monetary Fund (IMF) established?                           1945
(g) India was the one of the founder members of the World Trade Organization.(state True or False)    
(h) Money Market deals in Short term funds.(fill in the blanks)
2.Write short notes on:
(a) Internal factors of business environment
(b) Chief characteristics of New Industrial Policy, 1991 of India
(c) International Monetary Fund (IMF)
(d) Major defects of Indian capital market

Business Environment Solved Papers: November' 2014

2014 (November)
COMMERCE (General / Speciality)
Course: 104
(New Course )
The figures in the margin indicate full marks for the questions.
1. Answer the following:               1x8=8
a)  Mention any one natural component of business environment.                                          Political environment
b)   What do you mean by inclusive growth?                       
Ans: Inclusive growth is a concept that advances equitable opportunities for economic participants during economic growth with benefits incurred by every section of society.
c)  Mention one of the objectives of economic growth.
Ans: To bring qualitative and quantitative changes in the economy
d)      Write one cause of industrial sickness.                         Lack of Continuous power supply
e)      Mention one advantages of privatization.                                  Lack of political interference
f)       In which year was the WTO set up?                               1995
g)      Mention one advantages of SEZ.                                    Well connected with network of public transport, local railways and cabs
h)      Write the full form of SAFTA.                                           South Asian Free Trade Area
2. Write short notes on:               4x4=16 

Saturday, November 11, 2017

Business Environment Solved Papers: November' 2011

2011 (November)
Commerce (General/Speciality)
1. Answer as directed: (1x8=8)
(a)    Which of the following is an internal factor of business environment?
(i)      Value system
(ii)    Company’s image
(iii)   Management structure
(iv)  Company’s financial position
(v)    All of the above factors
(b)   There is no difference between economic growth and economic development. (True of False)
(c)    The units set up under SEZ, must be a foreign exchange earner. (True or False)
(d)   Capital market deals in short-term/long-term Loanable funds. (True or False) Money market deals in short-term Loanable funds. Capital market deals with long term funds.
(e)   Dunkel Draft” was proposed in the Uruguay round of GATT.
(f)     SDR’s are also called as “Paper Gold”. 
(g)    Write the full form of SAFTA. South Asian Free Trade Agreement
(h)   Mention an adverse impact of globalization on the Indian economy. outsourcing of jobs to developing countries has resulted in loss of jobs

Business Environment Solved Papers: November' 2015

2015 (November)
The figures in the margin indicate full marks for the questions
Full Marks: 80
Pass Marks: 24
1. Answer as directed:                                                                                                 1x8=8
a)      Mention any one of the internal components of business environment.                               Mission and objectives
b)      Mention one hindrance of economic growth of India.                                                     Population growth
c)       Mention one objective of New Industrial Policy.                                                                               Initiate rapid economic growth to raise the standard of living, reduce unemployment and poverty;
d)      The Dunkle Draft of the GATT was proposed in the year 1991. (Fill in the blank)
e)      Mention one objective of IMF.                 To promote international cooperation
f)       Write the full form of MFN.                         Most Favoured Nation
g)      In which year was the IMF set up?                           1945
h)      World Bank was established in the year 1945.                     (Fill in the blank)
2. Write short notes on the following:                                                                                     4x4=16

Friday, November 10, 2017

Entrepreneurship Development Solved Papers: November' 2014

2014 (November)
1. (a) Write True or False:                                             1x4=4
(i) There is no difference between a manager and an entrepreneur.                       False
(ii)  Entrepreneurs are born, not made.                 False, Entrepreneurs are made, not born
(iii) The word “Entrepreneur” has been derived from the French word ‘entreprendre’.                  True
(iv) Innovation theory of entrepreneur was advocated by J.A. Schumpeter.                                        True
(b) Write the full form of:                                             1x4=4
(i) SHG: Self Help Group
(ii) SISI: Small Industries Service Institute
(iv)SIDBI: Small Industries Development Bank of India
2. Write short notes on the following:                                    4x4=16
(i) Skill Development Programmed
Ans: Skill development and vocational training programs are conceptualized, executed and monitored by various organizations, working closely with the government of India. There are various plans and schemes that are dedicated to achieve scalable skilling with quality and higher productivity, particularly in the unorganized  or informal sector which accounts for  83% of India’s workforce. The Ministry of Skill Development and Entrepreneurship (MSDE) is responsible for the co-ordination of overall skill development efforts across the country, building the vocational and technical training framework, skill up-gradation, building of new skills, and innovative thinking not only for existing jobs but also jobs that are to be created.

Entrepreneurship Development Solved Papers: November' 2013

1.       (a) What do you understand by entrepreneurship? Explain the functions of an entrepreneur in brief.         
Ans: Entrepreneur: The word “entrepreneur” is derived from the French word entreprendre which means to initiate or undertake. In the early sixteenth century, the Frenchmen who organised and led military expeditions were referred to as “entrepreneurs”. The term entrepreneur was applied to business in the early eighteenth century by French Economist Richard Cantillon. According to him, the entrepreneur buys factor services at certain prices with a view to sell their products at uncertain prices in the future. Richard Cantillon conceived of an entrepreneur as a bearer of non-insurable risk.
Functions of an Entrepreneur:
An entrepreneur frequently has to wear many hats. He has to perceive opportunity, plan, organize resources, and oversee production, marketing, and liaison with officials. Most importantly he has to innovate and bear risk. The main functions of an entrepreneur are as follows:
1. Innovation: Innovation is one of the most important functions of an entrepreneur according to Schumpeter. An entrepreneur uses information, knowledge and intuition to come up with new products, new methods of reducing costs of a product, improvement in design or function of a product, discovering new markets or new ways of organization of industry. Through innovation, an entrepreneur converts a material into a resource or combines existing resources into new and more productive configurations. It is the creativity of an entrepreneur that results in invention [creation of new knowledge] and innovation [application of knowledge to create new products, services or processes.] Systematic innovation means monitoring the following for innovative opportunity:
Ø  The unexpected success or failure or any unexpected outside event, (e.g. when the IT bubble burst the ITES sector started growing.)


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