Basics of Tax

What is Tax?

Tax is a fee charged ("levied") by a government on a product, income, or activity.
It is a compulsory contribution to state revenue.

What are basic types?

1.       Direct Tax

·         Collected directly from individuals who earn income. E.g., corporate tax, income tax etc

2.       Indirect Tax

·         Collected indirectly. If you do a business you tend to pay (service tax, sales tax) for your sales. And in other areas we need to pay indirect taxes such as in the products (Petrol, alcohol and cigarettes) when it comes to vehicles excise duty must be paid for vehicles, road tax etc.

Why Me?

The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods / services do not allow a non-payer to be excluded; they tend to finance themselves largely through taxes. These goods / services need to be provided by the government or a quasi-government agency.

What is Tax Planning?

Tax planning is an essential part of financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions rebates and allowances while ensuring that your investments are in line with your long term goals.

What tax planning is not...

1.     Tax Planning is NOT tax evasion. It involves sensible planning of your income sources and investments. It is not tax evasion which is illegal under Indian laws.

2.     Tax Planning is NOT just putting your money blindly into any 80C investments.

3.    Tax Planning is NOT difficult. Tax Planning is easy. It can be practiced by everyone and with a very little time commitment as long as one is organized with their finances.

 

Basics of Communication

Communication word is derived from a Latin word “Communicare” referring to “Share”. Communication is a process of transferring information and understanding it. Information can be shared between individuals by different means. Skill to communicate depends on the capacity of an individual to convey ideas and feelings to another to evolve a desired response. In management, communication is a mixture of personal attributes and organizational aspects.

Process of communication

Sender à

Initiates communication, conceptualizes idea that is to be communicated

Message à

Encoded form of an idea with help of language, symbol etc. Message is transmitted from Sender to Receiver through a channel.

Channel à

Channel or medium can be physical presence (face to face talk) interactive channels (telephone, electronic media) personal static channel (memos, letters) or impersonal static channels (general reports, circulars etc.). The richness of each channel is determined according to its capability in eliciting feedback. Accordingly, face to face talk is considered richest and impersonal static channel is considered to be the leanest. However for making communication efficient, the sender has to choose the channel depending upon the urgency and complexity of the idea which is communicated.

Receiver à

Destination of the message. Receiver decodes it back to the idea and assimilates it. The effectiveness of communication depends upon the extent to which the sender has succeeded in making the receiver understand his idea. This can be evaluated through feedback.

Feedback à

The receiver responds to the sender in the form of clarifications and doubts. Feedback, which makes communication two-way is important because it helps to evaluate the effectiveness of the communication.

Elements of communication

1.       Verbal Communication

Verbal communication refers to vocal communication involving the use of language and meaning (either oral or written). Normally the words used in communication are concrete or abstract. Role of jargons is also crucial in determining the effectiveness of communication. Verbal communication becomes effective through the choice of right words & emphasis of the same.

2.       Non-verbal communication

Non verbal communication is the conscious and unconscious body movements in communication that couple with physical and environmental surroundings. Non verbal communications are those which are not expressed orally or in writing and include human elements associated with communication. These form an important and inevitable aspect of the total communication process because it compliments and substitutes verbal communication.

3.       Listening & Feedback

Listening which comprises of hearing, attending, understanding and remembering can facilitate the effectiveness of communication. Listener has to employ the appropriate type of listening depending on the situation and nature of the message. The feedback should be timely and constructive.

Hope this information turns useful for you!

Introduction to Computer

Pronunciation: com-put-er

Definition: A computer is a programmable machine that receives input, stores and manipulates data, and provides output in an expected format.

Brief: A computer was invented to make human life simpler. User provides problem to the use in terms of a set of instructions, computer executes it and provides user a solution. Instructions are nothing but sequence of arithmetic or logical operations. The particular sequence of operations can be changed readily, allowing the computer to solve more than one kind of problem.

A typical computer consists of following components:

·         Memory: Enables a computer to store temporarily data and programs.

·         Mass storage device: Allows a computer to permanently retain large amounts of data. Common mass storage devices include disk and tape drives.

·         Input device: Usually a keyboard and mouse, the input device through which data and instructions enter a computer.

·         Output device: A display screen, printer, or other device that lets you see what the computer has processed.

·         Central processing unit (CPU): The heart of the computer, this is the component that actually executes instructions.

Conventionally a computer consists of some form of memory for data storage, at least one element that carries out arithmetic and logic operations, and a sequencing & control element that can change the order of operations based on the information that is stored. Peripheral devices allow information to be entered from external source, and allow the results of operations to be sent out.

A computer's processing unit executes series of instructions that make it read, manipulate and then store data. Conditional instructions change the sequence of instructions as a function of the current state of the machine or its environment.

 

Computers are classified by size and power as follows:

·         Personal computer: A small, single-user computer based on a microprocessor. In addition to the microprocessor, a personal computer has a keyboard for entering data, a monitor for displaying information, and a storage device for saving data. For e.g., a normal Laptop/Desktop we use in our day today life.

·         Workstation: A powerful, single-user computer. A workstation is like a personal computer, but it has a more powerful microprocessor and a higher-quality monitor. A workstation is a personal computer that is used for high end applications such as graphic design, video editing, CAD, 3-D design, or other CPU and RAM intensive programs. A workstation typically has a top of the line, fast processor, multiple hard drives, and a lot of RAM memory. A workstation may also have special audio, video, or processing cards for special editing work. A workstation is marketed by computer manufacturers to professional users, while the server is more of a utility device.

·         Minicomputer: A multi-user computer capable of supporting from 10 to hundreds of users simultaneously. A midsized computer. In size and power, minicomputers lie between workstations and mainframes.

·         Mainframe: A powerful multi-user computer capable of supporting many hundreds or thousands of users simultaneously. These computers are used where robustness is expected and continuous processing is required. For e.g., India railway uses mainframe computers to stores travelers information.

·         Supercomputer: An extremely fast computer that can perform hundreds of millions of instructions per second. Mainly used in the Research and Development activities requiring maximum accuracy, faster output and complex solutions. For e.g., Airline system, Launching & controlling satellites, researching on new medicines etc.

Hope the information turns useful for you.

 

Mumbai University 3rd Semester Syllabus for Marketing Management MBA

JBIMS - Mumbai University
Part Time MBA - Marketing Management
3rd Semester Syllabus

1.       Introduction to Computers

2.      Effective Communication

3.      Human Resources Management

4.      Business Environment

5.      Taxation

I will start posting notes on these subjects very soon!!