Key Differences

Know the Differences & Comparisons

Difference Between Partnership and Limited Liability Partnership (LLP)

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LLP is also a form of partnership, where the liability of partners is limited as well as any partner will not be held liable for the acts of other partners. General Partnership, on the other hand, brings unlimited liabilities to the partners concerned and so they are jointly or severally liable for the debts. Are you planning to commence a business or want to expand the existing one? You have to take an important decision here, regarding the selection of the form of business organisation. The … [Read more...]

Difference Between NEFT and IMPS

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Do you want to transfer funds? There are many modes to transfer funds electronically, which are safe and convenient at the same time. Such modes are NEFT, RTGS, and IMPS which help you in transferring money instantly, irrespective of the bank account, i.e. same bank or different bank. While NEFT (National Electronic Fund Transfer) settles the transaction in batches, in RTGS (Real Time Gross Settlement) the settlement of the transaction is based on real time. IMPS (Immediate Payment System) is … [Read more...]

Difference Between TDS and TCS

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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...]

Difference Between ITR-1 and ITR-4S

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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...]

Difference Between Qualitative and Quantitative Data

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Statistics is all about study and collection of data. In our earlier topic, we have discussed primary and secondary data. Primary data is the data acquired by the researcher to address the problem at hand, which is classified as qualitative data and quantitative data. Qualitative data is a data concerned with descriptions, which can be observed but cannot be computed. On the contrary, quantitative data is the one that focuses on numbers and mathematical calculations and can be calculated and … [Read more...]

Difference Between Prejudice and Discrimination

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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...]

Difference Between Attitude and Behavior

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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...]

Difference Between Invention and Innovation

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We all are aware of the fact that nothing is permanent in this world, neither products nor technology. As day by day, improvements and updations are made in technology, leading to new inventions and innovations in every sphere of life. Invention refers to the creation of a brand new product or device. Conversely, innovation is an act of making changes to the existing product or the process by introducing new ways or ideas. At first sight, the two terms sound alike, but if you dig deeper, you … [Read more...]

Difference Between Aim and Objective

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You might have observed when you were a little kid; you want to be an astronaut, doctor, teacher or any other successful person. These are the aims of a person's life which he/she want to achieve in the lifetime. The word aim is often misconstrued with objective, as they talk about what an individual or entity may want to achieve. Both are the desired result of the work performed by an individual, however, they entail different concepts. The aim is the general statement of the expected … [Read more...]

Difference Between Fact and Opinion

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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...]