Kautilya advocated maintenance of perfect balance between State management and people's welfare through trading activities.

The revenue earned through tax is utilised for the expenses of civil administration, internal and external security, building infrastructure etc.

Tax is a compulsory contribution to state revenue by the Government. It is levied on the income or profits from business of individuals and institutions.

Internal takes place between the buyers and sellers in the same locality, village, town or city or indifferent states but with the same country.

Active Partner, Sleeping Partners, Partner in Profits only, Partner by Estoppel.

MNC tend to promote alien culture in host country to sell their products. They make people forget about their own cultural heritage. Example : In India MNCs have created a taste for synthetic food, soft drinks etc.

Licensing is a contractual agreement wherein one firm grants access to its plants, trade secrets, or technology to another firm in a foreign country, for a fee called royalty.

On the basis of geographical location of buyers and sellers, trade can be broadly classified into two categories;
1) Internal Trade
2) External Trade

(i) In case of 'Life Insurance' the insurable interest must be present at the time of taking policy.
(ii) In the case of Marine Insurance, the insurable interest must exist at the time of loss. 
(iii) In the case of Fire Insurance, the insurable interest must apply at the time of taking policy as well as at the time of occurring loss.

When a business firm of a country purchases goods from the firm of another country it is called as Import Trade.

(i) Contribution to provident fund
(ii) Life insurance premium
(iii) Children's tuition fees
(iv) Repayment of housing loan principal.

The Income Tax Act define the term income and it includes salary income, house property income, business / profession income, capital gain and other sources of income.

(i) Income tax is a direct tax because the liability to deposit and ultimate burden are on same person.
(ii) The person earning income is liable to pay income tax out of his own pocket and cannot pass on the burden of tax to another person.

1. Whole Life Policy
2. Endowment Life Policy
3. Joint Life Policy
4. Annuity Policy
5. Children's Endowment Policy

The year in which tax is paid is called the assessment year.

Assessee means a person by whom any tax or any other sum of money is payable under this act.

The term 'person' includes the following:
(i) An individual
(ii) A Hindu Undivided Family (HUF)
(iii) A Company
(iv) A Firm
(v) An Association of Persons or a Body of Individual, whether incorporated or not
(vi) A local authority, and
(vii) Every artificial, juridical person E,g. an idol or deity

The year in which income is earned is called "previous year".

Income tax is a direct tax under which tax is calculated on the income, gains or profits earned by a person such as individuals and other artificial entities (a partnership firm, company, etc.)

"Multinational Company is defined to be an enterprise operating in several countries but managed from one country".

Under the Indian Majority Act, person who has not completed 18 years of age is a minor. However, he will continue to be a minor till he completes 21 years if a guardian has been appointed to the minor. He can be admitted to the benefits of partnership.
Partnership arises as a result of contract. But a minor has no contractual capacity. Though a partnership cannot be created with a minor as a partner, a minor can be admitted to the benefits of a partnership which is already in existence. The consent of all partners is a 'must' for such admission.

The night market was called as Allangadi.