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...]

In spite of the steps taken to reduce prejudice and discrimination from the society, they are still prevalent throughout the world. It may cause much pain and suffering to an individual or entire group, which results in the limiting opportunities for the people belonging to  that group and even violence. Due to a number of similarities between these two, people often misinterpret prejudice for discrimination, but they're two very different concepts. In the purest sense, prejudice is a … [Read more...]

One of the widely accepted facts about human beings is, No two people are alike, whether in terms of physical appearance (i.e. body structure, height, weight, colour, etc) or abstract aspects (like intelligence, attitude, personality, behaviour and so on). Many people take a person's attitude as their behaviour. Although directly or indirectly they are interrelated, they are different in the sense that attitude represents how a person thinks or feels about someone or something. On the other … [Read more...]

Facts and opinions are often uttered in the same breath; the terms have a huge difference in their meanings. Whether a statement is a fact or an opinion depends on the validity of the statement. While a fact refers to the something true or real, which is backed by evidence, documentation, etc. On the other hand, opinion is what a person believes or thinks about something. In finer terms, a fact is a proven truth, whereas opinion is a personal view, that represents the outlook of an … [Read more...]

Today, in this article we are going to explore one of the most controversial topics, the world is facing these days, i.e. Equity or Equality, in the areas of education, health, sports, opportunities and so on. However, there are still millions of people who have a common misconception that equity is same as equality, but the truth is that they are different. Equity refers to the just and fair provision of resources to all the individuals, which represents impartiality. Conversely, Equality … [Read more...]

Someone rightly said, "Hearing is through ears, but listening is through the mind." The two activities hearing and listening involve the use of ears, but they are different. The hearing is nothing but a sense that helps you receive sound waves and noise by ears. It is the power of perceiving sounds. On the contrary, listening is when you receive the sound waves and understand it by paying full attention to the words and sentences of the speaker. It is one's ability to correctly receive and … [Read more...]

In our today's topic, we will discuss the economic ideologies that emerged in the last centuries, i.e. capitalism and communism. Adam Smith, the renowned Scottish Economist, wrote a book, The Wealth of Nations in which he sparked the idea of Capitalism. On the other hand, Karl Marx, a famous Philosopher, and Sociologist, from Germany, initiated the idea of Communism, in his book The Communist Manifesto, as a response to Capitalism. These two political theories are in opposition to each other … [Read more...]

The term 'work' is the most commonly used word in our day to day life, which refers to the activities, i.e. physical or mental performed by us, so as to achieve the desired outcome. It includes everything that we do to get the intended result like studying, dancing, cooking, singing, playing, etc. On the contrary, the word 'job' is used by us to represent a particular position in the company, for instance, I have a job of sales manager (designation). It is a regular and constant activity … [Read more...]

Covariance and Correlation are two mathematical concepts which are quite commonly used in business statistics. Both of these two determine the relationship and measures the dependency between two random variables. Despite, some similarities between these two mathematical terms, they are different from each other. Correlation is when the change in one item may result in the change in another item. Correlation is considered as the best tool for for measuring and expressing the quantitative … [Read more...]