One of the major concerns of the taxpayers, all around the world, is how to reduce their tax liability, without circumventing the law. There are two legitimate ways of reducing an assessee's tax liability, which is a tax deduction and tax credit. Tax Deductions are the claims, which can help in lowering the taxable income of the assessee, provided certain conditions are fulfilled. These can be claimed at the time filing income tax return. Due to some misconception, people juxtapose tax … [Read more...]
Difference Between Tax Planning and Tax Avoidance
An assessee can reduce his/her tax liability, by legitimate means, in two ways - tax planning and tax avoidance. The tax planning is described as the arrangement of financial activities in a way that the assessee can avail maximum tax benefit by making best possible use of all the legal benefits, i..e deductions, exemptions etc. On the other hand, the tax avoidance is a technique of refraining from tax liability, through just and fair means, but intends to defeat the fundamental motive of the … [Read more...]
Difference Between Standard Deviation and Standard Error
Standard Deviation is defined as an absolute measure of dispersion of a series. It clarifies the standard amount of variation on either side of the mean. It is often misconstrued with the standard error, as it is based on standard deviation and sample size. Standard Error is used to measure the statistical accuracy of an estimate. It is primarily used in the process of testing hypothesis and estimating interval. These are two important concepts of statistics, which are widely used in the … [Read more...]
Difference Between Cabinet and Council of Ministers
The chief advisor to the President of India is the Prime Minister, who heads the Council of Ministers and also decides, who will become members of the council. The Council of Ministers is divided into various categories, i.e., the Cabinet, Minister of State, Deputy Minister and Parliamentary Secretaries, based on their seniority and the political importance. It is quite common, that people interchange the terms Cabinet and Council of Ministers, and use it as if they are one and the same … [Read more...]
Difference Between Prime Minister and President
The President of the country is the first citizen, as well as the head of the State. On the other hand, the Prime Minister along with the other Council of Minister, heads the Government of the country, at the national level. Most of the people have doubts, regarding the roles, responsibilities, powers and authorities of the Prime Minister and President. But the fact is that the difference between the two executives relies on the country we are talking about, i.e. some countries have one or … [Read more...]
Difference Between Money Bill and Finance Bill
The fundamental difference between a money bill and finance bill is that a money bill can be introduced in only the lower house of parliament, i.e. Lok Sabha only, finance bill can be introduced in either of the two houses. Although money bill is a type of finance bill, most of the people use them interchangeably, but they differ in terms of their content. We often hear the term bill, but there are only a few people who actually know what the term means. A Bill refers to the proposal for a … [Read more...]
Difference Between Reinforcement and Punishment
Operant conditioning refers to a learning type, wherein outcomes of an action regulate one's behaviour. The consequence can be a reward or penalty. It was coined by famous behaviourist B. F. Skinner, who hold that behaviour is something which can only be described by observing it and not by thoughts and motivation. Reinforcement and punishment are the two fundamental notions of operant conditioning wherein the former, stimulates a particular behaviour, the latter, discourages a specific … [Read more...]
Difference Between Options and Warrants
Options and warrants are two derivatives traded in the exchange that give an option to the investor to buy the stock at a predetermined price and date. The basic difference between options and warrants is that while options are contracts, but warrants are financial instruments. Derivative connotes a financial instrument with no independent value, in essence, the value is ascertained from the value of the underlying asset, such as commodities, currencies, livestock, securities, bullion, etc. … [Read more...]
Difference Between Discovery and Invention
Each and everything that surrounds us and we are using in our day to day life is either discovered or invented, by experts. Most people have a misconception regarding the words discovery and invention, due to which they end up with the supposition that these two are one and the same thing. But that is not true, as discovery means uncovering something, which already existed, but not recognised by anybody else before, i.e. finding something unexpected. On the other hand, the invention refers to … [Read more...]
Difference Between Trademark and Patent
While the trademark is a mark, which can be a word, phrase, an image or anything else used to recognise the source of goods or service. The patent is a right granted to the inventor of something to manufacture, use or sell the invention. An idea remains an idea until and unless it is not transformed into something that has value. Once the idea is converted into a human creation, i.e. product, design, or any artistic work, it becomes intellectual property. Intellectual property is classified … [Read more...]
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