Local time implies the time of a particular country, as regards the meridian running through it. On the contrary, standard time is referred as the official local time of a region ascertained by the distance from the Prime Meridian of the meridian running through the area. Here we'll break down the significant differences between local time and standard time. Earth rotates on its axis, leading to sun rise and sun set in different parts of the world. The part of the earth which receives … [Read more...]

Research can be understood as the systematic and rigorous search for appropriate information on a specific subject. It involves enunciation of the problem, developing a hypothesis, collecting and analysing data and drawing conclusions, based on the facts and data collected. And to do so, the researcher uses research methods, during the course of conducting research. The research methods are often confused with research methodology, which implies the scientific analysis of the research … [Read more...]

The total world population is about 8 billion, which composed of people belonging to different groups, cultures, nations, races, etc. Based on the nationality and ethnicity, a person can be easily identified, i.e. to which country or ethnic group he/she belongs. Nationality implies the place of a person's birth, so it is simply the national identity of an individual. On the other hand, the ethnicity reflects the cultural and ancestral identity of a person. Nationality is used to determine to … [Read more...]

To a layperson accuracy and precision are synonyms, but to a person involved in measurement, these two convey different meanings. While accuracy is 'the state of being correct', precision is 'the state of being exact', people commonly misconstrue the two terms. Accuracy symbolizes the extent of conformity, whereas Precision indicates the extent of reproducibility. At the time of taking measurements, these two are always taken into account, due to their utmost importance in the various … [Read more...]

The primary difference between classification and tabulation is that the process of classifying data int groups is known as classification of data, whereas tabulation is the act of presenting data in tabular form, for better interpretation. After the collection of data is completed, it is prepared for analysis. As the data is raw, it needs to be transformed in such a way, that it is appropriate for analysis. The form of data, highly influences the result of analysis and so, to get positive … [Read more...]

While questionnaires are mailed to the respondents, to be answered, in the manner specified in the cover letter. The interview is a one to one communication; wherein the respondents are asked questions directly. Once the research problem is defined and research design is laid out, the task of data collection begins. There are two types of data, i.e. primary data and secondary data. The data collection methods of these two types of data differ, because, in the case of primary data, the … [Read more...]

The primary tool, in the research process, is a hypothesis, that intends to suggest new experiments and observations. There are many experiments which are undertaken with the sole objective of testing hypothesis. It refers to a supposition, regarding an observable phenomenon of a relationship between various phenomena. The term 'hypothesis' is often contrasted with the term theory which implies an idea, typically proven, which aims at explaining facts and events. Both hypothesis and theory … [Read more...]

Research, an art of scientific investigation. It is a methodical search for relevant information or facts on a particular topic. It aims at discovering the answers to questions by applying scientific procedures. It is very helpful in the collection of authentic data. There are two kinds of research, i.e. primary research and secondary research. Primary research is one that involves the gathering of fresh data, i.e. when data about a particular subject is collected for the first time, then the … [Read more...]

In Income Tax, an assessee's total income for the previous year is taxable in the assessment year. Although there are certain provisions in the act, through which, the recovery of tax on income, is possible in the previous year itself, i.e. through TDS, TCS, and payment of advance tax. If you are not able to tell the difference between TDS and TCS, you are not the only one. While TDS is an expense, TCS is an income. TDS stands for Tax deduction at source,  TCS expands to Tax collection at … [Read more...]

The main difference between ITR-1 and ITR-4S lies in the fact that ITR is opted by those assessees who chooses presumptive taxation, whereas this is not so in the case of ITR-1. The Central Government of India has the right to levy Income Tax. It is a direct tax, imposed on the total income of the person, in the previous year. The term person includes all type of assessees covered under the act, i.e. Individual, Association of Persons (AOP), Hindu Undivided Family (HUF), Body of Individuals … [Read more...]