Commerce Forward

Tax can be classified as follows: 1.        On the basis of form (a)     Direct tax: direct taxes are those which are paid by the person on whom these are imposed and the real burden is also borne by them, such as taxes on income, wealth, consumption, inheritance, gift, expenditure, etc. (b)    Indirect taxes: an indirect tax is imposed on one person but paid partly or wholly by another, owing to a consequential change in terms of some contract of bargain between them. 2.        On the basis of income or consumption method (a)     Proportional tax: in an proportional tax, the rate schedule is one in which the rates of tax remains constant with the change in the tax base. The amount of tax payable can be estimated by multiplying the tax base with the tax rate. In this case the tax liability increases in the same proportion as the increase in income. This type of taxation is quite simple and one can understand it without difficulty. (b)    Progressi

Marketing has greater importance and significance for the economy as a whole than for any of the individual beneficiaries of the marketing process, and can be expressed as follows: 1.        The nation’s income is composed of goods and services which money can buy. Any increase in the efficiency of the marketing process which results in lower costs of distribution and lower costs of distribution and lower prices to consumers brings about an increase in the national income. 2.        A reduction in the cost of marketing is a direct benefit to society. The man who makes such a contribution renders a service as important as that of the inventor of a labour-saving device or a new manufacturing process. 3.        Marketing process brings new varieties, quality and beneficial goods to consumers. A wealth of merchandise can be purchased at retail stores which were not available previously. It thus provides the connecting link between production and consumption. 4.        Scientif

The marketing has undergone a remarkable change from its primitive barter system to the present-day management oriented approach of marketing. The traditional marketing was to make the goods available at places where they were needed. To satisfy the multiplied consumer needs and wants, scope of marketing functions had to be enlarged. Under the barter system, the goods are exchanged against goods without any other medium of exchange (money). The pre-industrial revolution world was characterized by an agricultural-cum-handicraft economy. The different products produced by the agriculturists bartered only in the neighborhoods who were not engaged in the same activity. Barter system Gradually commerce and trade developments evolved emphasizing the need for exchange. In order to smooth our exchanges ‘barter system’ came into vague, though the latent inconveniences of such a system were felt only after some time. Gradually it was realized that this method depends on one party

1.        Tax is a legal collection: a tax has statutory sanction. It cannot be imposed arbitrarily. Certain legal requirements are to be followed in imposing a tax. 2.        Tax is a personal obligation: a tax is a personal obligation and it creates a personal responsibility on the taxpayers. No citizen should think of evading tax. Every citizen should pay his/her taxes. 3.        Tax is a compulsory contribution: it is a compulsory contribution to the state by citizen, which may be paid willingly. State has the right to tax citizens. Nobody can refuse to pay taxes claiming that he does not derive benefit from payment of tax. Refusal to pay tax is a punishable offense. 4.        Element of sacrifice : in the payment of taxes, an element of sacrifice is involved because they are paid for the general interest of the community 5.        Tax is imposed by government alone : government alone has the authority to levy taxes. Even if the management of a temple or trust makes

Pic.1 Marketing Marketing is perhaps the most complex and challenging function performed by every business firm. The term marketing is a very comprehensive one. Marketing starts well before production commences and end sonly after rendering after-sale satisfaction. It is the set of those activities necessary and incidental to bring about exchange relationships. It is the skill of selecting and fulfilling consumer desire in such a way that a dose of money put in brings back maximum return. According to William J. Stanton, “marketing is a total system of interacting business activities designed to plan, price, promote and distribute want satisfying products and services to present and potential customers”. According to Prof. Harry L. Herman , “marketing is the process of discovering and translating consumer needs and wants into product and service specifications, creating demand for these product and services, and then, in turn, expanding this demand”. According to Philip

Taxation is the process by which governments finance their expenditure by imposing charges on citizens and corporate entities. Tax is the basis for taxation. A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state. Taxes are also imposed by many sub-national entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labor equivalent. A tax may defined as a “pecuniary burden laid upon individuals or property to support the government a payment exacted by legislative authority “. A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority. A tax may also be defined as any contribution imposed by government whether under the name of toll, tribute, gable, impost, duty, custom, excise, subsidy, aid, supply, or any other name. According to Prof. Seligman, “tax is a compulsory contribution of the wealth of a person t