Different levels of income and expenditure Essay

Different levels of income and expenditure - Essay Example e, fixed medical allowance, servant allowance, deputation allowance, other allowances like marriage allowance, telephone allowance, city compensatory allowance, family allowance etc. In addition to wages and salary, perquisites under section 17(2) are provided to employees by employer which includes certain benefits or amenities provided either voluntarily or under service contract. The perquisites for income tax purpose are tax free perquisites, taxable perquisites, perquisites taxable under specified cases. Example:       Amt in GBP Basic pay   Ã‚   40000 Dearness allowance   Ã‚   3000 Leave salary   Ã‚   5400 Professional tax paid by employer   Ã‚   5400 Perquisite for house:   Ã‚      15% of salary (40000+3000+5400)   7260    Furniture rent   1000    Less: rent recovered by employer   3000 5260 Less: professional tax   Ã‚   1000 Gross total income   Ã‚   53660 Less: tax deduction under section 80C   Ã‚      Contribution to statutory provident fun d    4000 Taxable income   Ã‚   49660 Income from house property The measure of charging income tax under this head is the annual value of property which is the inherent capacity of a building to yield income. Annual value has been defined as per Section 23(1) of Income tax act as (a) the sum for which the property is expected to be let from year to year, (b) where the property or part of property is let and annual rent received or receivable by the owner is in excess of sum as in clause (a), such amount received or receivable, (c) property or any part of property being let and was vacant for the whole or part of previous year, owing to such vacancy, the actual rent received or receivable by owner is less than sum as per clause (a), such amount received or receivable. Example: X owned two house properties, one for running business and other... The measure of charging income tax under this head is the annual value of property which is the inherent capacity of a building to yield income. Annual value has been defined as per Section 23(1) of Income tax act as (a) the sum for which the property is expected to be let from year to year, (b) where the property or part of property is let and annual rent received or receivable by the owner is in excess of sum as in clause (a), such amount received or receivable, (c) property or any part of property being let and was vacant for the whole or part of previous year, owing to such vacancy, the actual rent received or receivable by owner is less than sum as per clause (a), such amount received or receivable. Example: X owned two house properties, one for running business and other was let out at 3000 GBP per month. The second property was used as residence by X. Municipal taxes for two properties were 7200 GBP per annum. The business and let out premises were insured against loss by fire and insurance premium was 900 GBP.Sections 28 to 44D deal with computing income under this head. The term â€Å"business† defined in section 2(13) of Income Tax Act includes any trade, commerce or manufacture or any concern in nature of trade, commerce or manufacture. The term â€Å"profession† defined under section 2(36) of the Act includes any vocation. Income under this head includes profits and gains from business or profession carried out by an assessee during previous year, income derived by a trader or professional.

Supply Chain Mgmt for Best Buy Essay Example | Topics and Well Written Essays - 500 words

Supply Chain Mgmt for Best Buy - Essay Example This may be achieved by addressing the customer issues relating to the size, specification and time of demand so that they meet their desires with convenience. This is possible by introducing online customer care services where customers can make enquiries from their homes and get appropriate feedback. This approach will help the company in tracking the behaviour trend of the clients in terms of needs. In-depth and long term relationship with the suppliers: Due to the prevailing global economic uncertainties, it would be safe for Best buy to adopt positive working relationship with the suppliers to track their ability in terms of reliable inventory stocking and ensuring that they have efficient modes of replenishing its stock. Deeper understanding of the supplier will help the firm to formulate and establish supply chain management system that suites the suppliers policies and system and this goes down to cut costs, improve efficiency and encourage innovation. Best buys should adopt a partnership policy that proposes use of same technology for easy co-ordination of supply activities in response to the market demand to avoid customer disappointment which will translate to financial and social cost to the firm. Internal control measures: Best buys need to consider developing sound internal control system that would give guideline on how to achieve its set goals. It is important that tit observe the minimal use of pricing as a competitive strategy but rather adopt other approaches that would give it optimal costing and revenues. To achieve this, they need to develop a system that will help all the management teams to retrieve any information and liaise with both suppliers and distributors. This would help in maintaining continuous flow of inventory thereby eliminating supply cut-off to the advantage of its online competitors like Amazon and EBay. Emphasis on IT technology