ELSS is an open-ended equity mutual fund that not only provides tax saving but also gives an opportunity to the investor to grow money. Conversely, PPF refers to a type of Provident fund, which can be opened by any salaried or non-salaried person to park their money so as to reduce the tax burden. One of the major concerns of all the taxpayers is to reduce the tax liability as much as possible. And for this purpose, they take recourse of various deductions under the Income-tax Act, 1961. … [Read more...]
Difference Between Unit Banking and Branch Banking
Banking refers to a business activity in which the entity accepting deposits from the customers, safeguards it and lends it to those who need it, and earns a profit. Different countries of the world adopt different types of the banking system . Basically there are two types of banking system prevalent in most of the countries, which are unit banking and branch banking. A unit banking is a banking system in which one bank, generally a small independent bank that renders banking services to its … [Read more...]
Difference Between Product and Production Concept
The marketing efforts of an enterprise are directed by marketing management philosophies, also called as marketing concepts, so as to gain the desired exchange outcomes. It determines the outlook of the producers. In this context, the product and production concepts are often compared and contrasted. However, the two differ in the sense that product concept states that the consumers prefer the products which are best in terms of quality. As against, if we talk about production concept … [Read more...]
Difference Between Regional Party and National Party
Regional party implies the party whose area operation is limited and so their activities are restricted to only a few states. On the other hand, national party refers to a political party is a registered party that operates in more than four states of the country and their area of operation extends over the entire country. Political Parties plays an important role in the development of the country, as they are of different ideologies and approaches to social needs and the objectives of the … [Read more...]
Difference Between Fire Insurance and Marine Insurance
Fire insurance is an insurance that covers the risk of fire. It covers goods or property of the insured person. On the contrary. Marine insurance is one that encompasses risks associated with the sea. The subject matter covered here, is the ship, cargo and freight. Insurance is a contractual agreement between the insurer, i.e. the insurance company and the insured, wherein the risk of loss is transferred to the insurer, when the loss occurs out of the causes indicated in the contract, on the … [Read more...]
Difference Between Unicameral and Bicameral Legislature
The legislature is an organ of the government which is empowered to make laws and oversee the administration of the government. There are two kinds of legislatures prevalent in the world, i.e. unicameral and bicameral. The unicameral legislature is the system of the government where a single central unit has got the wholesole right to make laws and decide upon government policies. On the contrary, a bicameral legislature is one where there are two chambers of Parliament, i.e. the Upper house … [Read more...]
Difference Between Direct Democracy and Indirect Democracy
Democracy is that form of government in which the supreme power lies in the hands of the people. In a democratic country, every citizen has one vote, that can be cast in favour or against the government policy. Further, in a democracy, the response of the citizens acts as the foundation of the government. It can be in the form of direct democracy or indirect democracy. Direct democracy refers to the system in which citizens has the right to take part in the decision making process. On the … [Read more...]
Difference Between Lokayukta and Lokpal
Lokpal is an ombudsman appointed to work on citizens complaints and grievances regarding corruption at the central level. On the other hand, at the state level, Lokayukta is set up to take action against the corruption complaints made by the residents of the state. Corruption, in simple terms, refers to the unauthorized use of public power, typically by a public servant or by an elected politician. It is a dishonest act, which is not permitted in the eyes of law. Many countries have … [Read more...]
Difference Between Overlapping and Cross-Cutting Social Differences
Social Differences implies a state when people are discriminated or say one class/group is given preference over the other, due to the difference in their social, economic or racial inequality. It often leads to social division, wherein the society is divided into various groups. Overlapping and cross-cutting are the two types of social differences, of which overlapping is a crucial situation as compared to cross-cutting, as it may result in the social division. The main difference between … [Read more...]
Difference Between Political Science and Politics
Political science is a discipline that deals with the composition and function of the country's government. The term political science is often contrasted with politics which is concerned with the activities of country's governance, with the aim of achieving and using power or authority. Another crucial difference between political science and politics is that Political Science is all about politics that take place in a country. Conversely, in politics there exist various political groups of … [Read more...]
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