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.

Property inherited upto 4 generations of male lineage(i.e., father; grandfather etc.) is called ancestral property. The right to a share in such a property accrues by birth itself.

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

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.

(i) On account of international business, the citizens of the country can buy more varieties of goods and services which cannot be produced cost effectively within the home country.
(ii) This exchange of goods and services among the countries enhances higher standard of living of people.

Import trade means buying goods from a Foreign Country for domestic use. Example, India imports petroleum products from Gulf Countries.

(i) The subject matter in the case of Life Insurance  is human life.
(ii) The subject matter in the case of Fire Insurance is any physical property or Assets.
(iii) The subject matter in the case of Marine Insurance is Ship, Cargo or Freight.

When the firm of a country imports goods for the purpose of exporting the same goods to the firms of some other country with or without making any change in the goods meant for export it is known as entrepot 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.

Health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed upon price (premium).

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".

The Person who enters into the partnership are individually called Partners and collectively known as 'Firm'.

The night market was called as Allangadi.

1. Salt Route - India to Egypt
2. Silk Route - China to India
3. Spice Route - India to Europe.

According to Section (3) of Income Tax Act 1961, "The year in which income is earned is called previous year". It is also normally consisting of a period of 12 months commencing on 1st April every year and ending on 31st March of the following year. It is also called as financial year immediately following the assessment year.

The following tax rates have been prescribed under Income Tax Act.
1. Tax on long term capital gain @ 20% (Section 112).
2. Tax on short term capital gain on shares covered under STT @15% (Section 111A).
3. Tax on lottery income @ 30% (Section 115BB)

Income tax is an annual tax because it is the income of a particular year which is chargeable to tax.

1. Entrepot trade means importing of goods from one country and exporting the same to foreign countries.
2. It is also known as 'Re-export trade'.
3. E.g. Indian diamond merchants in Surat import uncut raw diamonds from South Africa.
4. They cut and polish the diamonds in their units in India and re-export them to the International Diamond Market in Amsterdam..

Yes. But it can be dissolved only at the will of all the members of the family. Any single member has not right to get the business dissolved. It should be done through mutually agreed partition deed registered by paying proper stamp duty meant for it.

1. Each party to barter must have surplus stocks for the trade to take place.
2. Both buyers and sellers should require the goods of each other deseperately i.e., double coincidence of wants.
3. Buyer and Seller should meet personally to effect the exchange.

Retail trade deals with distribution of goods in small quantities to the consumers.

(i) Fire insurance is a contract whereby the insurer, in consideration of the premium paid, undertakes to make good any loss or damage caused by a fire during a specified period up to the amount specified in the policy.
(ii) A claim for loss by fire must satisfy the following two conditions :
(1) There must be actual loss; and
(2) Fire must be accidental and nonintentional.
(iii)The Essential elements of Fire Insurance Contract are:
(1) The insured must have insurable interest both at the time of insurance and at the time of loss.
(2) The contract is based on utmost good faith.
(3) It is based on the principle of strict indemnity,
(4) Fire must be the proximate cause of damage or loss.

Limitations:
1. Economic Dependence
2. Inhibition of Growth of Home Industries
3. Import of Harmful Goods
4. Shortage of Essential Goods in Home Country
5. Misuse of Natural Resources
6. Political Exploitation
7. Rivalry among the Nations
8. Invasion of Culture

(i) The central Government constituted the Central Board of Direct Taxes.
(ii) In India all direct taxes are levied and administered by central Board of direct taxes.
(iii) Income-tax is administered by the Central Government (Ministry of finance) with the help of income tax department.

IRDAI - Insurance Regulatory Development and Authority is the statutory, independent and apex body that governs, regulates and supervises the Insurance Industry in India. It was constituted in the year 2000 by Parliament of India Act called IRDAI Act, 1999. Presently IRDAI headquarters is in Hyderabad.

There are two types of taxes direct taxes and indirect taxes,
(i) Direct Tax:
(1) If a tax levied on the income or wealth of a person and is paid by that person or his office directly to the Government, it is called direct tax.
(2) E.g: Income tax, wealth tax, capital gain tax, etc.
(ii) Indirect Tax:
(1) If tax is levied on the goods or services of a person (seller), it is collected from the buyers and is paid by seller to the Government, it is called indirect tax.
(2) E.g. GST

Out of Gross Total Income, Income tax Act, 1961 allows certain deductions under section 80. After allowing these deductions the figure which we arrive at is called 'Total Income' and on this figure tax liability is computed at the prescribed rates.

(i) Any rent or revenue derived from land which is situated in India and is used for agricultural purpose.
(ii) Agricultural income is fully exempted from tax u/s 10(1) and as such does not form part of total income.

These five heads are :
(i) Income from salaries (sections 15-17) 
(ii) Income from House Property (sections 22-27)
(iii) Income from 'Profits and gains of Business or Profession' (sections 28-44)
(iv) Income from capital gains (section 45-55) and
(v) Income from other sources (section 56-59)

Income aggregated after adjusting past and present losses and the total so arrived at is known as 'Gross Total Income'.

Liability:
Except the Karta, the liability of all other members is limited to their shares in the business. The Karta is not only liable to the extent of his share in the business but his separate property is equally attachable and amount of debt can be recovered from his personal property.

Port towns like Tondi, Korkai, Puhar and Muziri were developed by Pandiya kingdom.

Low Cost Labour:
MNC set up their facilities in low cost countries and produce goods/service at lower cost. Because of MNCs, poor host countries also begin to develop technically.
Proper Use of Idle Resources :
Because of their advanced technical knowledge, MNCs are in a position to properly utilise idle physical and human resources of the host country.
Technical Development :
MNCs carry the advantages of technical development of 10 host countries.
Managerial Development:
MNCs employ latest management techniques. People employed by MNCs do a lot of research in management,
Improvement in Standard of Living:
By providing super quality products and services, MNCs help to improve the standard of living of people of host countries.