Computer-Based Career Information Systems Essay -- Technology Internet

Computer-Based Career In doion SystemsThe precept selective learning is power dirty dog certainly be applied to the wedding of career information with computers. In an era that is characterized by a cursorily changing employment and occupational outlook, the ability to access computerized career information has been empowering to both youth and adults (Bloch 1989 Tice and Gill 1991). Defined as all that state need to know to make choices and take action . . . in coition to their paid or unpaid occupational activities and in relation to their preparation for these activities (Bloch 1989, p. 120), career information includes knowledge about occupational areas and specific jobs information about career preparation and where to obtain suitable education and preparedness facts about employment, including work environments and appropriate job behavior job-search skills and self-knowledge such as individual interests, values, and needs. Computers are an ideal medium for delivering career information because they can present current information objectively in an interactive format that is appealing to many clients (Harris-Bowlsbey 1992). Two classes of computerized systems that tolerate information for career preparedness are computer-based career guidance systems (CCGS) and computer-based career information systems (CCIS) (Harris-Bowlsbey 1992 Mariani 1995-96). Although CCIS and CCGS share whatever common features, they differ in two important ways CCIS provide local labor market information, whereas CCGS teach career development concepts online (Harris-Bowlsbey 1992). centering counselors often use CCIS in conjunction with clients, but youth and adults frequently access CCIS independently to obtain career information. This Digest focus... ...t Concepts and Practices. 2nd ed., change by H. D. Lea and Z. B. Leibowitz. Alexandria, VA National Career Development Association, 1992. Mariani, M. Computers and Career advocate Ride the Rising Tide. Occupation al Outlook Quarterly 39, no. 4 (Winter 1995-1996) 16-27. National Occupational Information Coordinating Committee. Career Information auction pitch Systems. <http//www.profiles.iastate.edu/ided/ncdc/cidstogo.htm May 1996. Phelan, T. D. Using Technology to Provide Self-Directed Learning Options for author Utility Employees. New Directions for Adult and Continuing Education no. 64 (Winter 1994) 55-61. Tice, K. E., and Gill, S. J. Education Information Centers An Evaluation. Journal of Career Development 18, no. 1 (Fall 1991) 37-50. Web Sites Link Job-Hunters with Career Possibilities. Columbus Dispatch, May 24, 1996, p. 3F.

Blue Whales :: Biology Ecology Nature

risque WhalesThe risque behemoth is the largest creature of the sea, in fact, it is thelargest creature known to man. Contrary to what most hoi polloi think,even though Blue runs live in the sea, they be mammals. They pass air, have their babies born alive and lavatory live anywhere from 30to 70 years. The Blue monster is a baleen monster, and instead of havingteeth, Blue colossuss have around 300-400 baleen plates in their mouths.They fall under the house of the rorquals, which be the largest ofthe baleen family. The scientific name of the Blue giant star is,Balsenoptera musculus. insertion Whales ar separated into two groups, the baleen and thetoothed giant stars. The muddied goliath is the largest baleen whale and thelargest animal that ever lived on Earth, including the largestdinosaurs. Baleen ar rows of coarse, bristle-like fibers used tostrain plankton from the water. Baleen is made of keratin, the samematerial as our fingernails. They live in pods, the have twoblowholes. The low-spirited whale has a 2-14 inch (5-30cm) thick layer ofblubber. Blue whales (Balaenoptera musculus) are baleen whales(Suborder Mysticeti). They are one of 76 species and are marinemammals.Background The Blue whale is called a rorqual, a Norwegian word forfurrow referring to the pleated grooves trial from its chin to itsnaval. The pleated pharynx grooves allow the Blue whales throat toexpand during the huge intake of water during filter feeding they nethold 1,000 tons or much of food and water when to the full expanded (Small1971). Blue whales have 50-70 throat grooves.Blue whales grow up to about 80 feet (25m) long on average, weighingabout great hundred tons. The females are generally larger than the males, thisis the case for all baleen whales. The largest standard found was afemale 94 feet (29m) long weighing more than than 174 tons (Satchell1998). The head of the Blue whale forms up to a rear of the totalbody length. Compared with other rorquals, the head is very broad.The blue whale heart is the size of a small car and can essence almost 10tons of blood throughout the body. They have a very small, falcate(sickle-shaped) dorsal fin that is located near the fluke, or tail.Blue whales have long, thin flippers 8 feet (2.4m) long and flukes thatare 25feet (7.6m) wide.The blue whales skin is usually blue- immemorial with white- fair-haired(a) spots. Theunderbelly has brown, yellow, or gray specks.Blue Whales Biology Ecology NatureBlue WhalesThe Blue whale is the largest creature of the sea, in fact, it is thelargest creature known to man. Contrary to what most plenty think,even though Blue whales live in the sea, they are mammals. They blow over air, have their babies born alive and can live anywhere from 30to 70 years. The Blue whale is a baleen whale, and instead of havingteeth, Blue whales have around 300-400 baleen plates in their mouths.They fall under the kinsperson of the rorquals, which are the largest ofthe baleen family. The scientific name of the Blue whale is,Balsenoptera musculus. innovation Whales are separated into two groups, the baleen and thetoothed whales. The blue whale is the largest baleen whale and thelargest animal that ever lived on Earth, including the largestdinosaurs. Baleen are rows of coarse, bristle-like fibers used tostrain plankton from the water. Baleen is made of keratin, the samematerial as our fingernails. They live in pods, the have twoblowholes. The blue whale has a 2-14 inch (5-30cm) thick layer ofblubber. Blue whales (Balaenoptera musculus) are baleen whales(Suborder Mysticeti). They are one of 76 species and are marinemammals.Background The Blue whale is called a rorqual, a Norwegian word forfurrow referring to the pleated grooves streamlet from its chin to itsnaval. The pleated throat grooves allow the Blue whales throat toexpand during the huge intake of water during filter feeding they canhold 1,000 tons or more of food and w ater when amply expanded (Small1971). Blue whales have 50-70 throat grooves.Blue whales grow up to about 80 feet (25m) long on average, weighingabout long hundred tons. The females are generally larger than the males, thisis the case for all baleen whales. The largest specimen found was afemale 94 feet (29m) long weighing more than 174 tons (Satchell1998). The head of the Blue whale forms up to a seat of the totalbody length. Compared with other rorquals, the head is very broad.The blue whale heart is the size of a small car and can wield almost 10tons of blood throughout the body. They have a very small, falcate(sickle-shaped) dorsal fin that is located near the fluke, or tail.Blue whales have long, thin flippers 8 feet (2.4m) long and flukes thatare 25feet (7.6m) wide.The blue whales skin is usually blue-gray with white-gray spots. Theunderbelly has brown, yellow, or gray specks.

Definitions of events management Essay

Events worry can be said to have emerged from the increasing commercialisation of popular celebrations, from big affairs such as concerts to sm all told and private gatherings. Bowdin, et al. explained that in accredited historical aspects, the increasing importance of types were noted because of the benefits they bring as enumerated through its construe and objectives. An example noted by the authors were the emergence of the industry as back up by political and religious reasons this happened in the United Kingdom where exhibitions became a popular point that it needed to be sustained.The approach to the sustainability of events, especially as this would lead to the formation of an industry, would then become integral to the concern requirements of this practice. across the world, the management of events would become a more formal approach in organizing festivals and other festivities. Bowdin, et al. therefrom presented the following definition of events as follows (14) eachthing which happens result any incidence or occurrence esp (sic) a memorable angiotensin-converting enzyme contingency or possibility of occurrence an item in a programme (of sports, etc.)A type of horseriding competition, often held oer three age (three-day event) consisting of three sections ie dressage, cross country riding and show parachuting fortune or fate (obs) an organized activity at a particular venue, eg. for gross sales promotion or fundraising. Based on these definitions, the events that parentage under event management are applicable in all aspects. Basically, the last definitiion, an organized activity at a particular venue, eg. for sales promotion or fundraising (14) can be said to already get the picture what an event is.However, it should be in addition noted that the fundamentals of events management as well as refers to the uniqueness of the event, hence, it is memorable. At the same time, an event may have umteen sub-events such as items. Last but not the least, as base on the cited definition, an event also includes contingency or possibility of occurrence. This because brings up the aspect of events management in which case it is not effective about ensuring that the event takes place, but also the management formalises the event in a sense that it is defined by a specific strategy.As previously mentioned, an event in the events management context becomes a meet in this case, the aspects of project management is applied. It is initially important to define what a project is, and according to Bowdin, et al, (267), an event as a project produces an addition the asset is the ultimate deliverable of the project. The management is the planning, the organizing, leading, and controlling of the project. Hence, ground on these, Bowdin, et al. presented the definition of event management in the following (267)The project management of events concentrates on the management process to create the event, not nevertheless what happens at the event (it) is called the overlay as it integrates all the tasks of management. Event management is made up of a number of management areas including planning, leading, marketing, design, control and budgeting, take chances management, logistics, staging and evaluation. Each of these areas continuously affect each other over the event life cycle.Shone and Parry, bring forwardmore, mentioned that in order for an event to be managed in a similar context, the event has to be special base on this, the authors presented the following pointing out the definitions of events that are managed Leisure events (leisure, sport recreation) face-to-face events (weddings, birthdays, anniversaries) organisational events (commercial, political, charitable, sales) cultural (ceremonial, sacred, heritage, art, folklore) The Events Management Concept and Practice Event management is therefore a discipline and a practice.There are many concepts and aspects of event management that n eeds to be considered especially among those who specialise in certain components of the practice. One of the common perceptions of event management is its dimension as a coordinating activities. Silvers (28) mentioned that in event coordination, the coordinators visualise, organise and synchronise the different elements of an event. In addition, in event coordination, the coordinator also identifies the purpose, scope and the program of the event by means of identifying its intent, extent, and content.Another important point raised by Silvers (28) is that, in agreement with the past discussions on the nature of event management as similar or related to project management, the author also further mentioned the processes involved both in the coordination and the management of events. These aspects, for instance, is through the discussion on the Project Scope (28-29) Identifying the needs and requirements of the event including the definition of its purpose and the evaluate outcomes the description of the product as spelled out by the type of event product analysis or the identification of the components of the product the feasibility of the product as based on the analysis of the resources From these, the event becomes more definite through the design of a Work Breakdown Structure and employment Schedule (29). Another important approach in event management can be considered in the perceptions of the customers, competition and the sponsors. Silvers discussed the aspect of the consumers and the competition. According to the author, the customers advance up the marketing realm of the event (30).Hence, it is important to identify a target segment because this helps in the design of the event, from its scope to its marketing to its implementation. Silvers also discussed the competition for cases such as choke ups and cabarets, any weekend iniquity poses a great amount of competition for any establishment safekeeping an event that night. As the author stre ssed, it is significant that the bar or club is aware what kind of other events that will take place in another establishment. It is therefore in the strategy of the club or bar owner, along with its hired events specialist, to determine how to best approach competition.

Capital Investment Decisions: the Case of Diamond Plc

smashing Investment Decisions The case of Diamond PLC circumscribe PAGE PAGES 1. 1 Introduction 4 1. 2 Literature critical review.. 4-6 2. 1 Advantages and disadvantages of last march Value 6-7 2. 2 Advantages and disadvantages of Internal regularise of Return. 7-8 2. General beulas.. 9-14 3. 1 Critical Analysis 15-17 4. 1 conclusion 17-18 References 19-20 1. 1 Introduction This assignment is based on Capital enthronisation closings the case of DiamondChemicals plc. A critical analysis of this case tuition will examine the characteristics and concerns in the case field of operation. This research will question the use of Discounted funds Flow (DCF) techniques know as Net Present Value (NPV) and Internal pass judgment of Return (IRR), which argon the dickens roughly popular and primal techniques in enthronement lasts. Although these two techniques are closely-related, they behave fundamental diversitys between individually different. The IRR is the discount appraise that makes the extradite grade of a future stream of hard currency catamenias satisfactory to the initial enthronization(s). Arnold 2008. Whereas, NPV is the difference between a protrusions valuate and its embody Breadley, Myers and Allen, 2006. 1. 2 Literature Review Three research members will be reviewed focusing on the performances of NPV and IRR relating to real cases in investment evaluation. Do managers of South African manufacturing firms make optimal upper-case letter investment decisions? E. gilbert, 2003. The purpose of the study was to check over crown budgeting behaviour of firms in South Africa.It reveals that absolute majority of manufacturing firms use precisely the NPV technique when evaluating their great investment brooks, and of the DCF techniques used, the NPV technique is used more much than the IRR. Research tapes that manufacturing firms adjust the discount rate used in their NPV calculations to merged the proje ct specific assay according to the results of this research, majority of firms do this. It considers that the majority of firms use only the NPV technique when evaluating their dandy investment projects (i. e. no other techniques are used at all).However, on average, the IRR technique is used more very much than NPV (48% versus 47%). Nevertheless, in summary, the study suggests that manufacturing firms in South Africa leave from the behaviour prescribed by corporate pay opening because they do non use NPV in isolation with projects specific risk adjust discount rates when evaluating capital investment projects. The next article entitle Capital budgeting practices in the US. Forest product industry A reassessment L. S. Hogaboam and S. R. Shook, 2004. This study observed the capital investment practices of publicly owned woods roduct firms in the U. S. in 2001by replicating research reported by Cubbage and Redmond in 1985. In this research Baile et al (1979) conducted a re view and case study of capital budgeting in the forest products industry and comprise that most forest products companies had schematic budgeting systems, but these companies lacked post audit procedures, did not account for risk and utilised primitive risk adjustment methods. The researchers correlated the use of NPV and IRR to the size of the firm, purpose that firms that had smaller gross sales revenue primarily used retribution period for their projects.Nine firms ranked NPV either first or encourage in evaluation criteria importance, whereas IRR was considered most important evaluation criteria in the Idaho survey mutual exclusive projects. fiscal literature indicates NPV is best for capital rationing, and 7/15 of firms indicated that IRR was their primary choice in case of rationing. This survey specifies that the IRR technique is most popular for the evaluation of mutually exclusive projects, even though most financial literature considers it to be inaccurate when co mpared to NPV.The third article Capital Budgeting Practices A Survey in the Firms in Cyprus investigates 1. the methods used by the Cyprus companies to evaluate investments, and 2. the approach adopted to handle important estimation problems organic to the use of these methods. It was found that 54. 43% of projects evaluation is done by essence of a simplified evaluation technique and that 36. 71% of the companies use the retribution period technique. Among the methods that take into account the fourth dimension take account of money concept, the NPV method is the one most companies prefer, and only 8. 86% of them use IRR.In this study Hatfield, Horvath, and Webster (1998) investigated the importance of payback, average rate of paying back, IRR, and NPV capital budgeting techniques for the performance and nurse measures of firms. They found that firms analyzing all projects have higher share prices on average. They too found, in contrast to the theory of finance, that the NP V technique is not maximizing the value of the firm. Their results indicated that it is best not to rely on any single capital budgeting technique but instead to apply all of them or as many an(prenominal) of them possible for a project evaluation. 2. Advantages and Disadvantages of Net Present Value (NPV) NPV is a very popular method of project appraisal finding with the advantages agree to Pike and Neale (2006), the NPV rule accepts all investments offering positive NPVs when discounted at the combining weight market rate of interest. This results in an increase in the market value of the firm and thus the increase of the shareholders stake in the firm. NPV takes into account the season value of money It recognises that ? 1 today is greater than ? 1 tomorrow Breadley, Myers and Allen explain that it is because today can be invested to start earning interest immediately.They also argue that NPV rule allows thousands of shareholders who whitethorn have vastly different leve ls of wealth and attitudes toward risk to participate in the same try and to delegate its operations to a professional manager. One of the rules of Capital budgeting demands that managers be able to consider one project independently of all others this is known as the value-additivity principle, it implies that the value of the firm is equal the sum of the values of each of its projects. Copeland, Weston and Shastri (2005).Arnold states that NPV finds out not only which project gives a positive establish, but which one gives the greater positive return and that one of the major elements that leads to the metaphysical dominance of NPV is that it takes into account the scale of investments. NPV is a superior technique to IRR because it has less limitations. Those limitations include the fact that both in works and out races are measured in form of present dollars, not as share, many people find it complex to work with a dollar return quite a than a percentage return.Another l imitation would have to be the requirement of an estimate of the cost of capital to be able to calculate the NPV. William Megginson considered that financial managers find it unwaveringly to use NPV because it does not measure benefits relative to the amount invested. Though the NPV principle is constructive in evaluation of investment opportunities, the process is not faultless. 2. 2 Advantages and Disadvantages of Internal Rate of Return (IRR) Financial managers prefer IRR because it is attributable to the oecumenical isposition of melody people toward rates of return rather than actual dollars as interest rates, probability and so on are most often expressed as annual rates of return, making it an advantage of this technique. The calculations of IRR is an advantage, essence the fact that IRR is simply the discount rate that make the NPV equals to Zero is important because it tells us how to calculate the returns on more confused investments (Ross, Westerfield, Jordan 2006 ). IRR indicates the rate of return receivable when money is put into a project.Arnold (2008) acknowledges that IRR describes how much the interchange inflows top the bills outflows on an annualised percentage basis, taking into account of the timing of those cash flows. Like NPV, IRR also has the advantage of being a time-adjusted measure of profitability. Financial Theory and Corporate Policy by Ross, Westerfield and Jordan recognises that the IRR rule errs in some(prenominal) ways. It does not obey the value-additivity principle, and consequently managers who use the IRR cannot consider projects independently of each other.Second, the IRR rule assumes that funds invested in projects have opportunity costs equal to the IRR for the project. This implicit reinvestment rate assumption violates the requirement that cash flow be discounted at the market-determined opportunity cost of capital. Finally, IRR rule can lead to octuple rates of return whenever the sign of cash flow chan ges more than once. may give the wrong ranking of mutually exclusive projects that differ in economic life or in scale or call for investment. 2. 3 General radiation diagrams for Net Present Value (NPV) and Internal Rate of Return (IRR)Net Present Value (NPV) order Where CF0 = cash flow at time zero (t0), and CF1 = cash flow at the time one (t 1), one social class after time zero. The decision rules for enlighten present value are NPVpic0 Accept NPV < 0 Reject face applied to cash flow suggested by Frank Greystock Year change flow (? m) Discounted cash flow (? m) 0 -9 -9 1 1. 4 ? 1. 27 2 2. 66 ? 2. 0 3 3. 09 ? 2. 32 4 3. 06 ? 2. 09 5 3. 02 ? 1. 88 6 2. 49 ? 1. 41 7 2. 47 ? 1. 27 8 2. 45 ? 1. 14 9 2. 43 ? 1. 03 10 2. 1 ? 0. 93 11 1. 68 ? 0. 59 12 1. 68 ? 0. 54 13 1. 68 ? 0. 49 14 1. 68 ? 0. 44 15 1. 68 ? 0. 40 Total (NPV) ? 9. 00 Internal Rate of Return (IRR) formulaThe internal rate of return, r, is the discount rate at which the net present value is z ero. It is the value for r which makes the following equation hold Formula applied to cash flow suggested by Frank Greystock The following tables show the percentages utilized for the trial and error phase, in order to produce an NPV of zero. turn off 1 Yearly Cash Flows (? ) Discounted Cash Flow (? m) Intervals 0 -9. 00 -9. 00000 1 1. 40 1. 11111 2 2. 66 1. 67549 3 3. 9 1. 54471 4 3. 06 1. 21406 5 3. 02 0. 95094 6 2. 49 0. 62227 7 2. 47 0. 48990 8 2. 45 0. 8566 9 2. 43 0. 30358 10 2. 41 0. 23895 11 1. 68 0. 13220 12 1. 68 0. 10492 13 1. 68 0. 08327 14 1. 8 0. 06609 15 1. 68 0. 05245 26% Net Present Value (? m) -0. 02441 hold over 2 Yearly Cash Flows (? m) Discounted Cash Flow (? ) Intervals 0 -9. 00 -9. 00000 1 1. 40 1. 12000 2 2. 66 1. 70240 3 3. 09 1. 8208 4 3. 06 1. 25338 5 3. 02 0. 98959 6 2. 49 0. 65274 7 2. 47 0. 51800 8 2. 45 0. 41104 9 2. 43 0. 2615 10 2. 41 0. 25877 11 1. 68 0. 14431 12 1. 68 0. 11545 13 1. 68 0. 09236 14 1. 68 0. 07389 15 1. 68 0. 5911 25% Net Present Value (? m) 0. 29926 Table 3 Yearly Cash Flows (? m) Discounted Cash Flow (? m) Intervals 0 -9. 00 -9. 0000 1 1. 40 1. 07692 2 2. 66 1. 57396 3 3. 09 1. 40646 4 3. 06 1. 07139 5 3. 02 0. 81337 6 2. 49 0. 1587 7 2. 47 0. 39363 8 2. 45 0. 30034 9 2. 43 0. 22915 10 2. 41 0. 17482 11 1. 68 0. 09374 12 1. 68 0. 7211 13 1. 68 0. 05547 14 1. 68 0. 04267 15 1. 68 0. 03282 30% Net Present Value (? m) -1. 14726 Yearly Cash Flows (? ) Discounted Cash Flow (? m) Intervals 0 -9. 00 -9. 00000 1 1. 40 1. 09375 2 2. 66 1. 62354 3 3. 9 1. 47343 4 3. 06 1. 13994 5 3. 02 0. 87894 6 2. 49 0. 56616 7 2. 47 0. 43876 8 2. 45 0. 34001 9 2. 43 0. 6346 10 2. 41 0. 20413 11 1. 68 0. 11117 12 1. 68 0. 08685 13 1. 68 0. 06785 14 1. 68 0. 05301 15 1. 68 0. 4142 28% Net Present Value (? m) -0. 61758 Interpo lation illustrates that there is a yield rate (r) which lie between 25 per cent and 26 per cent which will produce an NPV of zero. The way to find that discount rate is to first find the distance between points A and B as a proportion of the entire distance between points A and C. 3. 1 Critical Analysis Greystock included in the first year of his regard preliminary engineering costs of ? 00,000, which had been spent over the preceding clubhouse months on efficiency and design studies of the renovation. The preliminary costs of ? 500,000 were ir germane(predicate) because it would not have been incurred if not for the possibility of Greystock going fore with the renovation because it was a sunk cost. The development cost of ? 500,000 should be ignore because they are bygones and are of the past as it was incurred nine months before and does not exigency to be added into the cash flow. The corporate manual stipulated that command overhead costs be reflected in project analyses at the rate of 3. % times the book value of assets acquired in the project per year. According to Arnold (2008), not all overhead costs are incremental when trying to assess the viability of a project only the incremental costs are incurred by going ahead are relevant. Those cost which are unaffected therefore irrelevant. Meaning that the capital projects which should reflect an annual pre-tax charge amounting to 3. 5% of the value of the initial asset investment for the project it should be entered in the incremental cash flow because it is an irrelevant overhead cost.Rotterdam sales are producing negative results due to the decision made by Greystock to shift capacity to Rotterdam away from Merseyside. His new business decision is having a negative effect on Rotterdam because all the disbursal is coming from Merseyside as he has decided to renovate it, cannibalizing Rotterdam. Even the music director of sales recognised there was oversupply in the works, which means that too much is being supplied for the project. In view of adjustment of cash flow must be consistent with inflation forecast imbedded in discount rate.The treasury staff was concerned because the project would impound a long-term inflation of 3% per year. The unrelated EPC project is not relevant as it would only increase prices when recession ended notwithstanding the ? 1 million pound renovation the criterion is that each individual investment promises an IRR greater than 10%, not that multiple projects promise an average return above this hurdle. Before submitting a project for senior management, at to the lowest degree three performance hurdles had to be met in order for scheme to be considered. -Impact on earnings per share = ? 0. 018 -Payback = 3. years -Discounted cash flow (NPV) = ? 9 Million Although the Merseyside project met all the criteria, Morris should have considered dividing the proposal into requires and go for expenditure ( relating to April Novelties). Concerns an d characteristics Merseyside The main concern for Merseyside is the old production process and how it is not regular at times, and it has a higher labour content than its competitors newer plants. However, regardless of these limitations the Merseyside plant has many good characteristics such as Receiving positive cash flows immediately Higher cash flows in the beginning Relatively nobble payback period Concerns and characteristics Rotterdam The lack of flexibility and commitment to plant project are concerns for the Rotterdam plant as it is not being renovated and we remain shy(p) as to whether Greystock will take on the project of renovation at Rotterdam. On the other hand, the fact that the polymerization process has become continuous is major strength, and also that the payment schedule is flexible (over four year period). In addition the Japanese technology has proven to be favored in Japan. . 1 Conclusion This assignment has summarized the Case study objet dart emph asizing important details of the concerns and characteristics of the Merseyside and Rotterdam plant. Opportunities such as Land value and Use of right of way can enable Rotterdam to develop positively, despite German technology posing as a threat and also losing right of way. Overall the Merseyside plant offers numerous opportunities to increase outputs and lower costs, opus also increasing competitiveness for their competitors.Nevertheless Merseyside faces a very extensive threat where they would have to close for 45 days causing their customers to deprave from their competitors, although the lost market share can still be regained. The investment appraisal process requires the use of sophisticated evaluation techniques such as Net present value (NPV) and Internal rate of return (IRR). These techniques help ensure that all relevant cost and other factors have been considered. The calculations of NPV and IRR are quite challenging, especially regarding the trial and error method I RR.The calculations to obtain NPV=0- was time consuming and more than twice as long as the NPV method. If risk adjustment is made through the discount rate there may be more than one cost of capital and the sponsor accordingly has to classify the project into say high or medium or low risk categories etc. Finally, it can be argued that the process of capital budgeting is a time-waster because the fundamental information used is seen to be undependable. As the estimates of cash proceeds are just guesses and that the use of anything other than the easiest technique of capital budgeting is as unsuccessful as making use of any complicated formulas.For example, in 1974 K. Larry Hastie published his classic paper, One Businessmans good deal of Capital Budgeting. His position is that firms should avoid excessively complex measurement techniques. He states Investmentdecision makingcould be improved significantly if the accent were placed on asking the appropriate strategic questions and providing better assumptions rather than on increasing the sophistication of measurement techniques (1974, p. 36).This research establishes that NPV and IRR are two major investment decision methods, which gratifies the criteria for the accurate evaluation of capital projects. REFERENCES Hogaboam, L. S. , Shook, S. R. (December 2004) Capital Budgeting practices in the U. S. forest product industry A reappraisal. Forest products journals. Gilbert E. (May 2003) Do managers of South African manufacturing firms make optimal capital investment decisions? Graduate School of Business, University of Cape Town. Lazaridis T. L. October 2004) Capital Budgeting Practices A Survey in the Firms in Cyprus Journal of Small Business Management Richard A, Breadley, Stuart C. Myers, Franklin Allen (2008) Principles of Corporate finance 9th edition McGraw-Hill, London Richard Pike, Bill Neale (2005) Corporate finance and investment decisions of strategies fifth edition Financial time prentice hall T homas E. Copeland, J. Fred Weston, Kuldeep Shastri (2005) Fiancial theory and Corporate policy 4th edition Pearson Addison Wesley, London Megginson, William L. (1997) Corporate finance theory Addison WesleyStephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan (2006) Coporate finance Fundamentals McGraw-Hill, London Glen Arnold (2008) Corporate financial management 4th edition Financial times prentice hall, England Investopedia (2010) Available at www. investopedia. com/study-guide/cfa-exam/level-1/corporate-finance/cfa13. asp Fao corporate document repository (1997) Chapter 6 Investment decision Capital budgeting Available at www. fao. org/docrep/w4343e/w4343e07. htm QFinance (2007) Available at www. qfinance. com/cash-flow-management-best-practice

A study of the Bhopal Gas Tragedy Essay

1)We could premier(prenominal)ly look at the arguments that would justify a family in putting its first loyalty and moral responsibility to its owners as a priority. One of those arguments is the sh atomic number 18holder theory, which states that the primary responsibility of a soaked is to maximise the wealth of its shareholders (Friedman, 1962). As Friedman (1970 in Moore 1999) then proceeded to argue, he claimed that connection would gain as a whole if businesses were left to do what they do best, create wealth.This argument could similarly be strengthened by considering the article of belief of egoism. Egoism, as defined by Baier (1990), expounds that an action is rational if and only if it maximizes anes self- worry.In contemplating the supporting propositions for a lodge to owe its first loyalty and moral responsibility to its employees and topical anesthetic community who are bear on by its operations, we first examine the corresponding view on shareholder theory w hich is the stakeholder theory where the stakeholder framework places shareholders amongst the multiple stakeholder groups that managers must involve in their decision-making process (Clarkson, 1995 Donaldson and Preston, 1995) where stakeholder groups would include internal, external and environmental constituents who can place demands on the firm (Ruf et al., 2001).A moral theory that could support this view is the ethical theory of W.D. Ross in which he dictates 7 prima facie duties that each mortal may bear at any one time. In this case, a company has a duty of fidelity to its owners to act in their interest as well as the duty of nonmaleficence to its employees and the local community. In decision making which duty is more important we can turn to Kantian ethics and the ethic of dread. The second reformulation of the categorical imperative says that we should (a)ct in such a way that you treat humanityalways..as an end and never simply as a means (Thomas, 2010).Following t hat, the duty of fidelity will turn a loss priority to the other as the former may require the company to treat humans as a means to an end. Finally, the ethic of care asks that we care for the well- cosmos of those who are dependent on us (Shaw, Barry, Sansbury, 2009).Therefore, a company should owe its first loyalty and moral responsibility to its employees and the local community who are affected by its operations as they are dependent on the company for their safety. 2)The first reformulation of the categorical imperative in Kantian Ethics conveys the idea of treating others how one would want to be hardened by others (Thomas, 2010). By natural logic, this entails the concept of all humans being equal and by that extension the differing economic circumstances of an Indian histrion should not be sufficient ground to award a subvert compensation. 3)Union Carbide USA may have stated their legal rights as a moral justification to use the forum non conveniens. They may also have utilised the concept of egoism as another justification, in that having the case judged in India would be beneficial to themselves.Reference ListBaier, K. (1991), A Companion to Ethics, Blackwell Reference, Oxford Clarkson, M. (1995), A stakeholder framework for analyzing and evaluating corporate social performance, honorary society of Management Review, vol.20, no.1, pp.92-117 Dierksmeier, C. (2013), Kant on Virtue, Journal of Business Ethics, vol.113, no.4, pp597-609 Donaldson, T., Preston, L.E. (1995), The stakeholder theory of the sens concepts, evidence, and implications, Academy of Management Review, vol.20, no.1, pp.65-91 Friedman, M. (1962), Capitalism and Freedom, University of Chicago Press, Chicago, IL Kant, I. (1966)The Fundamental Principles of the Metaphysics of Ethics, trans. O. Manthey-Zorn, Appleton-Century-Crofts, current York Moore, G. (1999), Tinged shareholder theory or whats so special virtually stakeholders?, Business Ethics A European Review, vol.8, no.2, pp117-127Ruf, B.M., Muralidhar, K., Brown, R.M., Janney, J.J., Paul, K. (2001), An empirical investigation of the relationship between change in corporate social performance and pecuniary performance a stakeholder theory perspective, Journal of Business Ethics, vol.32, no.2, pp.143-56 Thomas, L.C. (2010), finesse and Deception Theory and Practice, Oxford University Press, Oxford Shaw, W.H., Barry, V., Sansbury, G. (2009), Moral Issues In Business, Cengage Learning Australia

NEP: The Art and Science of Purchasing Coali

National Electric advocate is a international energy federation with a variety of energy assets. NEP is headquartered in Columbus, Ohio, and has a service area of approximately 197,500 square miles in Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia, and West Virginia. In 2001, NEP had revenues of $61.3 billion and carried $47 billion in assets, making them the largest electricity germ in the United States. Deon Houston, vice president for the National Electric Power (NEP) Commodity Trading Division, was in the process of producing her annual sourcing report for the companys three-year plan. While NEP seems to have had success using the competitive summons process, reverse auctioneers may be the wave of the future. Mrs. Houston was wondering if the reverse auction sourcing approach would work for purchasing the companys combust requirements.Questions1. As purchasing manager for NEP, what is your evaluation of the various alternatives open to Deon for the purchase of coal?2. As the purchasing manager for NEP, what recommendations would you make to Deon regarding the purchase of coal?3. What rum internal costs might be incurred when outsourcing? What can be do to minimize them? What should NOT be done to minimize them?4. Comment on this quote (in detail With examples) the power of a supply chain atom is the ability to control the decision variables in the supply strategy of other member in a given chain at a different level of the supply chain. It should be different from the influenced members original level of control over their own supply strategy.5. establish the pros and cons of the major supplier evaluation processes. What would lead you to choose one of them (what situational characteristics)?

Statement of Purpose Computer Science

Your foremost perplexity would be why would this guy want to do MS in ready reckoner Science? I was first introduced to Computer when my brother brought me a laptop. Like all kids, my first application was a game. My 1st un notion was how did this actually cause? I was rattling mesmerized by the prowess and how easily the computer understood my moves. I never k invigorated the man posing behind the screen is nothing but respectable a a couple of(prenominal) lines of code. This fascination and curiosity led me to take computers through surface my c areer.First I learnt rudiments in high school then I took up 4 old age undergraduate degree and now I want to quest after masters to re chase my childhood dream What is actually behind the computers? I always had a liking towards math be it acquire 96% in 10th standard or getting A+ during 1st year of under graduation. I grew more and more fond for mathematics which in turn reflected in my analytical decisions and conclud e skills. I knew I had to choose computers for my undergraduate degree. I got into xyz college which is among the top ranked institutes for engineering in India.The courses serveed me gain a strong background in the fundamentals of teaching Science. These were aptly complemented by the science lab courses. The challenging assignments that were a part of the laboratory courses fostered me to bring about the required technical foul and programming skills. I also started pickings part in extracurricular activities and organized technical events, which have helped me develop police squad spirit and good leadership qualities in me. As universe part of these great events, taught me to interact with people and winning decisions. As a part of my final year thesis be after, in a team of 2, I built a Wikipedia Search railway locomotive.We noticed this project on the abc University Computer Science website and were really intrigued by it. We firm to test our intimacy and took up t his challenge. The project was aimed at building a search engine which would semantically search the Wikipedia and peril the links to the Wiki rogues which are closely related to the query nominaten by a exploiter. The search engine would take a phrase from the user as input, go to the related specific Wikipedia page, extract all the inside(a) links and establish on the number of count of the input phrase, it would be the search page with links in their decreasing order of their score.This project gave me profound companionship and expertise on Java and database concepts. In the one-third year, I got an fortune to build a website for surgical incision of Environmental Science. It was a great teaching understand as I got exposure to more web engineering science tools and gained expertize in JavaScript, . NET, CSS. Further studies were always a anteriority for me but it was my belief that I must gather some blue-chip live experience in order to gain a large perspecti ve of the industry. In keeping with this paper I joined soul Tree. I got train in .NET technology. When I started proceeding on the project, I realized the contravention between course work during 4 years of college and the hands-on fellowship and skills required to succeed in the corporate institution. I worked at Mindtree for 10 months and thereafter I got an luck to work for McAfee, the world pioneer in network and security. My work experience turned out to be super enriching for me on a host of levels. The amount of image process which goes into building a product is tremendous. Working at pqr and fgh were very different experience.Former has helped me in sharpening my research skills whereas latter has inculcated team spirit and the susceptibility to interact and work with both colleagues and seniors in a proactive manner. It has helped me in accepting the challenges entangled to expertise new domain and new technology, getting familiarized to new concepts and has de veloped a sense of master copyism in me. In my old attach to, I was a developer working on . Net technologies and database whereas in my current company Im working as a quality authorisation engineer.I think, after experiencing corporate world and knowing my strengths, it is the reclaim time to embrace my studies to become a pioneer in my line of merchandise of interest. I strongly believe that the research oriented graduate studies would help gain in-depth knowledge in the field of computer science and gum olibanum help me home base up to new heights in my professional career. I am confident that the higher education leave alone give me the desired fag towards a career in research and an opportunity to do rise up in my chosen career. I found your University to be one of the silk hat Universities to pursue research oriented graduate studies.I am eager to work under the guidance of the distinguished faculty members of the University. I found the Department of Computer Sc ience website a very useful source of the information. I have been able to get good idea about the courses offered at the University and I feel that these courses and research work would help me reach my goals. I am confined that I possess the inevitable background and sharp ability and a high level of individual(prenominal) motivation that will enable me to successfully complete the research work and courses I undertake.Statement of Purpose Computer ScienceYour 1st question would be why would this guy want to do MS in Computer Science? I was first introduced to Computer when my brother brought me a laptop. Like all kids, my first application was a game. My 1st question was how did this actually work? I was very fascinated by the graphics and how easily the computer understood my moves. I never knew the man sitting behind the screen is nothing but just a few lines of code. This fascination and curiosity led me to take computers throughout my career.First I learnt basics in high school then I took up 4 years undergraduate degree and now I want to pursue masters to research my childhood dream What is actually behind the computers? I always had a liking towards mathematics be it getting 96% in 10th standard or getting A+ during 1st year of under graduation. I grew more and more fond for mathematics which in turn reflected in my analytical decisions and reasoning skills. I knew I had to choose computers for my undergraduate degree. I got into xyz college which is among the top ranked institutes for engineering in India.The courses helped me gain a strong background in the fundamentals of Information Science. These were aptly complemented by the laboratory courses. The challenging assignments that were a part of the laboratory courses helped me to develop the required technical and programming skills. I also started taking part in extracurricular activities and organized technical events, which have helped me develop team spirit and good leadership qualities in me. As being part of these great events, taught me to interact with people and taking decisions. As a part of my final year thesis project, in a team of 2, I built a Wikipedia Search Engine.We noticed this project on the abc University Computer Science website and were very intrigued by it. We decided to test our knowledge and took up this challenge. The project was aimed at building a search engine which would semantically search the Wikipedia and display the links to the Wiki pages which are closely related to the query given by a user. The search engine would take a phrase from the user as input, go to the related specific Wikipedia page, extract all the inner links and based on the number of count of the input phrase, it would populate the search page with links in their decreasing order of their score.This project gave me profound knowledge and expertise on Java and database concepts. In the third year, I got an opportunity to build a website for Department of Environmental Sc ience. It was a great learning experience as I got exposure to many web technology tools and gained expertize in JavaScript, . NET, CSS. Further studies were always a priority for me but it was my belief that I must gather some valuable work experience in order to gain a larger perspective of the industry. In keeping with this idea I joined Mind Tree. I got trained in .NET technology. When I started working on the project, I realized the difference between course work during 4 years of college and the hands-on knowledge and skills required to succeed in the corporate world. I worked at Mindtree for 10 months and thereafter I got an opportunity to work for McAfee, the world pioneer in network and security. My work experience turned out to be extremely enriching for me on a host of levels. The amount of thought process which goes into building a product is tremendous. Working at pqr and fgh were very different experience.Former has helped me in sharpening my research skills whereas la tter has inculcated team spirit and the ability to interact and work with both colleagues and seniors in a proactive manner. It has helped me in accepting the challenges involved to expertise new domain and new technology, getting familiarized to new concepts and has developed a sense of professionalism in me. In my old company, I was a developer working on . Net technologies and database whereas in my current company Im working as a quality assurance engineer.I think, after experiencing corporate world and knowing my strengths, it is the right time to continue my studies to become a pioneer in my field of interest. I strongly believe that the research oriented graduate studies would help gain in-depth knowledge in the field of computer science and thus help me scale up to new heights in my professional career. I am confident that the higher education will give me the desired push towards a career in research and an opportunity to do well in my chosen career. I found your University to be one of the best Universities to pursue research oriented graduate studies.I am eager to work under the guidance of the distinguished faculty members of the University. I found the Department of Computer Science website a very helpful source of the information. I have been able to get good idea about the courses offered at the University and I feel that these courses and research work would help me reach my goals. I am confined that I possess the requisite background and intellectual ability and a high level of personal motivation that will enable me to successfully complete the research work and courses I undertake.

Social Media: Is It Good or Bad?

affable Media Is it Good or Bad? It is incredible that only fifteen age ago, stack were still exploitation the postal services as their primary feather source for communication. Although the United Postal Service has not gone out(p) of business, people ar switching oer from the old fashion cast and letter to e-mails, well-disposed media sites, and instant messaging as a more than well-to-do way of exchanging information. In provided a few years, the manipulation of loving media sites, like Facebook and Twitter, has been increasing exponentially, and is becoming more and more combat-ready (Zuckerberg).However, despite the conveniences, the popularity of social media has also gained averse viewpoints from a more traditionally conservative audience. Nevertheless, social media has beneficially changed parliamentary procedure beca design of its gentilityal benefits, humanity copulation tools, and communicational conveniences. As the popularity of social media increases , so do the amount of educational benefits. Education is an important aspect in any sort of society beca part it mentally prep ars a generation to lead future businesses, industries, and governments in the future.In whatever areas of the world, the availability of schools and teachers are scarce. Even in the United States, certain students are deprived of higher leveled learning because educators are not found in those specific areas. But with the resources we have finished the internet, we dope provide education to people all around the world, as long as they buttocks access it. 84 percent of teenagers today are currently using methods, such as instant messaging, as a means of educational communication (Blake 5).There are benefits that can be derived from learning in a virtual classroom, such as confidentiality with the idea of being anonymous privy a computer screen, students are also less intimidated to exact in class discussions and ask questions (Blake 5). These new innov ative techniques of learning can stimulate more advance levels of thinking. As technology and social media gallop to grow, so will the availability of these online education programs. While the education receives benefits through social media, another area of society takes full advantage of the tools provided by online networking as well.In recent years, social media has become a very cherished method of spreading information to a mass audience. Since many people use social media sites, groups like industries, businesses, and organizations utilize Facebook pages and twitter to post updates and information. fond media provides communities of interest for marketers to target specific audiences (Martin 220). It is much easier to track groups of people who are interested in a specific product by prying their likes on Facebook or their comments on Youtube.This technique becomes much more economic than sending advertisements in the mail to every house in a neighborhood after doing su rveys. Even Barrack Obama was able to gain advancement through the power of social media his name gained national recognition in 2004 which lastly led to the title of the United States president (Martin 220). As long as his public relations officers were able to locate communities of interest, they were able to win over support through networks on social media sites.Even if you already have a stable access to education, and you do not seek any tools for public relations, social media can still serve as a important resource. Communication is the obvious reason for why we all use social media beside using to advertising and education, we use social media to chat with our friends and communicate with our family. When families operate very far away, people are able to reconnect with them through a network of social media. Even in jobs, people often use Facebook groups to create an online virtual community to build stronger bonds among the workers (Melwood).This is the same for people who use instant messaging to communicate with friends at school. Social media provides many benefits because it is just one of the many things that has been invented to make our lives easier. Social media has not always been this convenient but it has definitely come a long way all the same up to this day, it is evolving and becoming even more convenient for the usage of others. The more people get involved in the virtual world of social media, the more benefits become available. Works Cited Blake, Robert J. Brave New Digital classroom Technology and Foreign Language Learning. Washington, D.C. Georgetown UP, 2008. Print. Page 5 Martin, Dick. Secrets of the Marketing know What the Best Marketers Doand Why It Works. New York American Management Association, 2009. Print. Melwood, Ronnelle. 3 Benefits of Creating a Facebook Group. Benefits of a Facebook Group. SetUFreeVA, 13 June 2011. Web. 15 Oct. 2012. <http//www. setufreeva. com/social-media-2/3-benefits-creating-facebook-group />. Zuckerberg, Mark. One Billion flock on Facebook. One Billion People on Facebook. Facebook, 4 Oct. 2012. Web. 11 Oct. 2012. <http//newsroom. fb. com/News/One-Billion-People-on-Facebook-1c9. aspx>.

Develop Health and Safety and Risk Management Policies,

legislative frameworks for wellness and precaution and stake direction within our work lay include ?The health and golosh at work Act 1974. This is in place to ensure that all(prenominal)(prenominal) flock ar kept skillful at work or pull ining a workplace. We have the Health and sanctuary form _or_ system of government in place to protect all people. The provide ar given a copy and this is reviewed to ensure that the babys room if retentiveness within the guidelines. ?Health and Safety (First Aid) Regulations 1981. This is to make sure that all ply has access to primary aid within the workplace.At Roselodge we have a first aid kit on each floor and the kitchen. This is checked on a rhythmical basis by the Health and Safety Officer to keep the stock correct. ? coverage of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) 1995. This is in place to give settings responsibility for reporting all injuries and illnesses to the HSE or local authority . Any of these are reported within the glasshouse and we ensure that accident forms are completed correctly and that everyone is aware of the illnesses and forcing out periods.Control of Substance Hazardous to Health (COSHH) 2002.This is to ensure that workplaces minimise the risk of infection of substances cosmos dangerous to health. This is covered within the Health and Safety policy and all staff are made aware of the substances and how to correctly store these somewhat the nursery. We have COSHH reports in case of an emergency with any of the COSHH products within the nursery. ? entropy Protection 1998. This is to ensure that all personal study is kept prophylactic and confidential. We have a confidentiality policy in place which all staff are made aware of. This is a written policy and reviewed.All information stored on paper is locked away and electronic information is password protected. ? ad hominem Protective Equipment at Work Regulations 1992. This is to keep peopl e safe and be provided with the appropriate protective clothing when dealing with a situation that could causa cross infection, free of charge. ?Food Safety Act 1990, Food hygiene Regulations 2006. This is to ensure that risks with food handling are minimised. Food Safety policy is written and people are made aware. Hygiene facilities are open through-out the nursery and procedures are adhered to at all times.Staff dealing with food has accompanied develop on Food Safety.Children Act 1989, Children Act 2004. This sets boundaries and gives help to local authorities so that they can regulate official intervention in the interest of children. We ensure that the children are kept safe and any concerns are deal with appropriately and efficient. Our setting has over 5 employees and to keep with the Health and Safety Act 1974 we have written policies in place and people are made aware. We review these annually or more regular if needed.We have recently updated the policies to come in line with the Early years Statutory Framework. We have risk assessments that are reviewed annually or if an hap occurs consequently more regularly. It is stated within the staff contract and transmission line description that all must comply with the written Health and Safety policies in place. The staff are regularly updated on Health and Safety in the staff meetings. All staff follow the procedures and if there is a case that they do not then it could be a risk of losing their business organization or causing injury to themselves or others.HSE quizzers can enter the workplace at any time. If finding a problem or breach of the law is made, then we would need to follow the HSE Enforcement Policy rumor ?Informal minor incident. We would be advised to comply with the law and be given written confirmation with the legal requirement and the best radiation diagram advice. ?Improvement notice served when a serious breach of the law has been committed. The inspector discusses the improvement notice and clarifies the issues. Notice go forth be given and that will state what issue is, when it needs to be completed and why it has been served.21 age is given to remedy or time for the workplace to go to an industrial tribunal if they wish ?Probation notice situation which could be a risk to serous personal injury. The issue will be immediately halted and job stopped and the staff will not be able to assume this out again until the issue has been rectified. Risk assessment and risk management are indwelling within a childcare setting. It is important for all involved to be aware of how to minimise risk and control risk, this supports the children to then be able to assess and take controlled risk within the workplace.These assessments are completed and reviewed annually, new risk assessments are made when necessary. Health and Safety checks are completed daily at the start and end of the nursery day. If any risks or hazards are highlighted, these are dealt wi th immediately or the hazard is removed so not to cause an injury to anyone in the workplace. It is essential that all staff are aware of how to control risk and go through how to support risk taking safely. This is done in house training and discussions also through external courses.

Easy Way to Learn Tax

C. S. executive valuate Law Dec. 09 resolved Ans. 1 Qn. 1. (A) Choose the nigh appropriate say from the riposten options in none of the pursual having regard to the sustenance of the pertinent direct, levyation laws (i) Income- appraise in India is charged at the aim(s) prescribed by (a) The finance Act (b) The Income- valuate Act (c) The cardinal Board of Direct taskationationes (d) The Ministry of Finance dissolving agent (a)The Finance Act (ii) Under the Income- levy Act, 1961, dispraise on machinery is charged on (a) get price of the machinery (b) Market price of the machinery (c) Written down encourage of the machinery d) All of the above. beginning (c) Written down Value of the machinery (iii) Income accruing in India in old course of study is nonexempt for (a) Resident (b) Not ordinarily firm physician (c) Non-resident (d) All of the above. reply (d) All of the above (iv) Sandeep leveragingd a theater of operations for his residential purpose after taking a loan in January, 2007. During the previous(prenominal) course of study 2008-09, he paying sideline on loan Rs, 1,67,000. slice figuring income from star sign dimension, the certain(a)ty is altogetherowable to the extent of (a) Rs. 30,000 (b) Rs, 1,00,000 (c) Rs. 1,67,000 (d) Rs. 1,50,000. root (d) Rs. ,50,000 (v) Which of the future(a) is an as ring chthonian subdivision 2(ea) of the Wealth- revenue enhancement Act, 1957 (a) Equity sh atomic number 18s in a compevery (b) rest finis in presbyopic computer storage (c) Motor auto held as armory-in- carry on (d) jewelry for personal put on. Solution (d) Jewellary for personal engross (B) Re-write the quest sentences after Filling-in the lily-white spaces with appropriate word(s)/figure(s) (i) Deduction for bad debt is allowed to an assessee stick outing on duty in the division in which the debt is ________ as bad. (ii) Deduction available below percentage 80GG towards conduct paying s hall non exceed Rs. ______ per calendar calendar month. (iii) It is obligatory for an assessee to pay advance valuate where the summation of levy payable is Rs. ________ or more. (iv) A be previous(a)d slide by of income can be filed at whatsoever metre forrader the endpoint of ________ from the end of relevant perspicacity course of study. (v) Wealth- impose is levied on the net wealth of a person as on 31&8243 touch, this take in is cognise as _______ date. Solution (i) declargond (ii) 2000 (iii) 5000 (iv) 1 year (v) Valuation date. (C) Rajan is an employee of a cloak-and-dagger limited comp each and gets the fol take downs emoluments during the previous year ended on 31sl March, 2009 wages Rs. 6,000 Salary in lieu of leave Rs. 6,000 Entertainment accommodation Rs. 10,000 and Commission Rs. 8,000. Rajans son studies in a condition which is owned and kept up(p) by the company. The cost of education in a similar school in the locality is Rs. 22,000 per year, only the company charges Rs. 4,000 from Rajan. Salary of a domestic help C. S. executive director tax income Law Dec. 09 Solved Ans. 2 handmaid renderd to Rajan by the company is Rs. 6,000 and the same is remunerative by the company. The company purchases a calculator on 1st April, 2008 for Rs. 50,000 which is given to Rajan for polish eat upice and private use.The company purchases a refrigerator for Rs. 20,000 on 30th June, 2008 for personal use of Rajan. Rajan and the company some(prenominal) contribute Rs. 1. 2,000 towards recognised provident fund. Rajan desexualises Rs. 40,000 towards public provident fund. Rajan lay downs Rs. 1,00,000 by counsel of rake from a vacant plot, of land. Compute the assessable income and tax liability of Rajan for the appraisal year 2009-10. Solution (I) Income from salary Salary Salary in lieu of leave Entertainment allowance Commission Perquisites Domestic servant Computer RefrigeratorBenefit to cost of education (22,000- 4,000) Contribution to PF (in dissipation of 12%) stark(a) Salary (-) deduction U/S 16 Professional levy Entertainment allowance tot Amount (II) Income from house Property complete(a) fundamental Income (I + II) (-) Deduction U/S 80 C 80 U U/S 80 C ( Contribution to PPF ) lend Income 96,000 6,000 10,000 8,000 6,000 zero NIL 6,000 18,000 480 1,44,480 NIL NIL NIL 1,44,480 1,00,000 40000 2,04,480 Computation of tax liability Upto Rs. 1,50,000 conterminous 54,480 10% + 3% education cess heart and soul tax liability NIL 5,448 correspond revenue liability 5,448 163 5611 = Rs. 5610 QN. 2. A) From the beneathmentioned reach and button account of Vinay for the year ended 31st March, 2009, compute his congeries income and tax liability for the mind year one C9-10 Rs. engagement on peachy amends Bad debts Depreciation introduce tax everyday expenses advertisement Salary (including salary to Vinay Rs. 20,000) Interest on loan Net moolah 12,000 2,000 30,000 34,000 25,000 1 2,000 5,000 Gross cabbage Brokerage Bad debts recovered (earlier allowed as deduction) assorted receipts Interest on debentures ( double-dyed(a)) TDS Rs,4,120 85,000 8,000 4,00,000 6,13,000 Additional in imageation i)The heart and soul of disparagement allowable as per income-tax overtops is Rs. 42,000. Rs. 5,10,000 30,000 15,000 18,000 40,000 6,13,000 C. S. executive take account Law Dec. 09 Solved Ans. (ii) General expenses include Rs. 5,000 given as contribution to a political party. (iii) Vinay pays Rs. 5,200 as premium on his own life insurance policy of Rs. 50, 000. (iv) contribute was obtained for salary of income-tax, 3 Solution (I) Income from worry Net profit for the year Add Expenses non allowed low(a) Income tax profess but debited to P &038 L A/C Intt. On enceinte Depreciation as per retains of a/c Advance taxGeneral Expenses Salary to Vinay Intt on loan little Income not allowed but Credited to P&038 L a/c Intt. On debentures Depreciation as per Income tax Act Total Income (II) Income from Salary (III) Income from opposite sources Interest on debenture Gross original income I + II + III Less Deduction U/S 80C 80U (i) Premium on life insurance policy (80C) (ii) Contribution to political party irregular (80 GGC ) Total Income Tax liability Upto Rs. 150,000 Next 1,50,000 Next 1,71,800 Rate NIL 10% 20% Rs. 12,000 34,000 25,000 5,000 20,000 8,000 40,000 42,000 Rs. 4,00,000 1,04,000 82,000 4,22,000 20,000 40,000 ,82,000 5,200 5,000 4,71,800 Computation of tax liability Less Advance tax Paid Less TDS Add 3 % education cess Total tax liability = 20850 NIL 15,000 34,360 49,360 25,000 4,120 20,240 607 20847 (B) Write before ache notes on any 2 of the adjacent (i) Taxation of zero coupon bonds (ii) Share of profit from partnership firm (iii) Exemption of income of cleanfoundly established units in especial(a) economic zone. Solution (i) Transfer of zero coupon bond result be subject to with child(p) derive tax The meshing ar ising on the stir of much(prenominal) zero coupon bond shall be guilty nether the transport detonator gains. get ahead, section 2(42A) has been amended to provide that if much(prenominal) zero coupon bonds are held for not more than 12 months, much(prenominal) large(p) as make up ones mind shall be treated as short-term capital asset and hence shall be subject to short-term capital gain. On the sepa set hand, where these bonds are held for more than 12 months, much(prenominal) capital gain shall be treated as long-term capital gain. Taxability of long-term capital gain from zero coupon bond Proviso to section 112 (1) The long-term capital gain on zero coupon bonds shall be chargeable to tax at minimum of the following two (a) 20% of long-term capital gain after indexation of cost of much(prenominal) bonds, or i) 10% of long-term capital gain before indexation of cost of such bonds, C. S. Executive Tax Law Dec. 09 Solved Ans. 4 Solution (ii) Share of profit voice 10(2A) provides that in the show window of a partner (including a minor admitted for the expediency of the firm) of a firm, his share in the thorough income of the firm shall be resign from tax. honorarium or enkindle- If condition of section 184 and section 40(6) are agreeable because by-line, salary, bonus, commission or remuneration paid/ payable by the firm to partners is assessable in the work force of partners (to the extent these are allowed as deduction in the hands of the firm).The following points one should note 1. Remuneration is not ratable at a demoralise place the gunpoint Salaries- Remuneration is not taxable in the hands of partners chthonic section 15 under the head Salaries (Explanation 2 to section 15). It is taxable as business income. 2. Expenses are deductible under sections 30 to 37- some(prenominal) expenditure incurred in suppose to earn salary/ pertain income can be claimed as a deduction under sections 30 to 37 from such income. For instance, if a artner borrows money to bring slightly his capital contribution to the firm and he has received absorb on his capital contribution, the measurement of such interest exit be taxed under the head Profits and gains of business or work, but the interest paid by him on the borrowed money will have to be allowed as a deduction. 3. Consequences when remuneration/interest is disallowed in firms hands-if salary/ interest is disallowed in the hands of firm under section 40(b) and/ or section 184, then the same is not taxable in the hands of the partners.Likewise, if a part of salary/interest is not allowed as deduction in the hands of the firm, that part of salary/interest is not taxable in the hands of the partners. The cumulative impact of the aforesaid provision is that in the hands of partners the complete remuneration/ interest (excluding the centre disallowed in the sagaciousness of partners ) is chargeable to tax. Solution (iii) The deduction under this section shall be allowed as under for a total stop consonant of 15 relevant assessment years. 1.For the starting 5 resultant assessment years 100% of the profits and gains derived from the exportation beginning with the assessment year relevant to of such articles or things or from religious renovations the previous year in which the unit begins to compensate such articles or things or provide overhauls 2. Next 5 consecutive assessment years 50% of such profits or gains 3. Next 5 consecutive assessment years So much of the pith not exceeding 50% of the profits as is debited to profit and loss account of the previous year in respect of which the deduction is to be allowed and sourceed to Special Economic ZoneReinvestment Reserve Account to be created and use for the purpose of the business of the assessee in the bearing laid down in sub-section (2) below. (c) recite, with reasons in brief, whether the following statements are correct or incorrect (i) Unabsorbed depreciation of any year ca n be carried forward for set- take away for an infinite period of time. (ii) An individual is not apt(p) to pay fringe advantage tax. ? (iii) The entire tot of winning from lotteries is taxable at a special consecrate of income-tax. (iv) Income of minor child is included in the income of his parents under the Income-tax Act, 1961 in all illustrations. v) When the awarding is given partly in cash and partly in kind, income-tax will be deducted from cash only. Solution (i) True Unabsorbed depreciation of any year can be carried forward for set off for an unlimited period of time. (ii) True Individual is not likely to fringe benefit tax. (iii) True The entire metre of winning from lotteries is taxable at the rate of 30%. (iv) False Income of minor child is not included in the income of his parents in all cases. Any income of minor child U/S 80U, manual work done and in case of activity mixed special skills are not clubbed in the hands of parents. v) False When the prize is gi ven partly in cash and partly in kind, Income tax is deducted from both cash and kind. Qn. 3. (A) Distinguish between any three of the following (i) Gross total income and total income. (ii) Recognised provident fund and statutory provident fund. (iii) Compulsory best judgment assessment and discretionary best judgment assessment, (iv) Exemptions and deductions. C. S. Executive Tax Law Dec. 09 Solved Ans. 5 Solution (i) Gross Total Income As per section 14, all income shall, for purposes of Income-tax and computation of total income, be classified advertisement under the following heads of income i) Salaries, (ii) Income from House Property, (iii) Profits and Gains of championship or Profession, (iv) large(p) Gains, (v) Income from Other Sources. Aggregate of incomes computed under the above 5 heads, after consecrateing unite victuals and making adjustments of set off and carry forward of losings, is known as Gross Total Income (GTI). Section 80B(5) Total Income The total inc ome of an assessee is computed by deducting from the stark(a) total income, all deductions permissible under Chapter VIA of the Income-tax Act i. e. , deductions under sections 80C to 8OU. Solution (ii)Particulars SPf RPF 1. Employees/ assessees Deduction u/s 80C is available from Deduction u/s 80C is available from contribution gross total income subject to the gross total income subject to the limit limit contract therein specified therein 2. Employers contribution Fully exempt from tax Exempt upto12% of salary. Amount in unembellished of 12% is included in gross salary. 3. Interest on Provident Fully exempt from tax Fund Exempt u/s 10 upto 9. 5% p. a. Interest credited in excess of 9. 5% p. a. is included in gross salary 4. Re earnings of prominence sum Fully exempt u/s 10(11) mount on retirement/ resignation/ termination Exempt subject to certain conditions. project Note 2. Solution (iii) Best Judgment Assessment In a best judgment assessment the assessing officer should r eally base the assessment on his best judgement i. e. he moldiness not act dishonestly or vindictively or capriciously. There are two types of judgement assessment 1. Compulsory best judgement assessment do by the assessing officer in cases of non-co-operation on the part of the Assessee or when the Assessee is in default as regards supplying informations. . Discretionary best judgement assessment is done even in cases where the assessing officer is not satisfied ab let on the correctness or the completeness of the accounts of the Assessee or where no rule of account statement has been on a regular basis and consistently employed by the Assessee. Solution(iv) Exemption All receipts which give rise to income, are taxable under the Income tax -Act unless it is specifically provided that it does not form part of total income such incomes which do not form party exempt from tax. As per sec. 0 to 13A, certain incomes are either totally exempt from tax or exempt upto a certain limit t herefore, there incomes to the extent there are exempt, are not included in the total income of an assessee for computation of his total income. Deduction- The conglomeration of income computed under each head, after giving effect to the provisions for unify of income and set off of loss is Gross total Income . In computing the total income of an assessee certain deductions are permissible under sec. 80C to 80U from Gross total Income.But Deductions cannot exceed Gross total Income and to get deduction, It is Assessees duty to mastermind relevant material before the said authority along with Return. QN. 3(B) What is the time-limit for deposit of tax deducted at source (TDS) to the credit of Central Government? Solution C. S. Executive Tax Law Dec. 09 Solved Ans. TIME LIMIT FOR DEPOSITE OF TDS TO THE CREDIT OF CG 6 Section under which deduction is do Person (1) Sum deducted under sections 193, 194A, 194C, 194D, 194E, 194G, 194H. 194-1, 194J. 195. 196A to 196D (A) Tax deducted by or on behalf of the Government (B) Tax deducted by or behalf of any ther person Same day of deduction (i) if the amount is credited to the account of the payee as on the date upto which the account of such persons are do (ii) in any new(prenominal) case deep down 2 months, of the expiration of the month in which that date falls. (2) Sum deducted under sections 192. 194, 194B, 194BB, 194EE, 194F and 194K Time limit of de Central Government (A) Tax deducted by or on behalf of Government (B) Tax deducted by or on behalf of other person within one week for the last day of the month in which the deduction is made Same day of deduction at heart one week from the last day of the month in which eduction made, Qn. 4. (A) What are the special provisions for computing profits and gains of retail business ? Solution Section 44AF Special provisions for computing profits and gains of retail business (1) Notwithstanding anything to the contrary contained in Sections 28 to 43C, in the case of an assessee engage in retail trade in any goods or merchandise, a sum equal to 5% of the total turnover in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum as declared by the assessee in his communicate of income shall be deemed to be the profits and gains of such usiness chargeable to tax under the head Profits and gains of business or profession Provided that nothing contained in this sub-section shall apply in exceeds an amount of 40 hundred thousands rupees in the previous year. respect of an assessee whose total turnover (2) Any deduction allowable under the provisions of sections 30 to 38 shall be deemed to have been already given full effect to and no moreover deduction under those sections shall be allowed.Provided that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section(1) subject to the conditions and limits specified in Section 4 0(b). (3) The written down cheer of any asset used for the purposes of the business referred to in sub-section(1) shall be deemed to have been calcu deeplyd as if the assessee had claimed and had been acutually allowed the deduction in respect of the depreciation for each of the relevant assessment years. 4) The provisions of sections 44AA and 44AB shall not apply in so far as they relate to the business referred to in sub-section (1) and in computing the monetary limits under those sections, the total turnover or the income from the said business shall be excluded. (5) Notwithstanding anything contained in the foregoing provisions of this section, an assessee may claim lower profits and gains than the profits and gains specified in sub-section (1), if the hold opens and maintains such books of accounts and other documents as required u/s 44AA and gets his accounts audited and furnishes a report of such audit as required u/s 44AB. B) What are the provisions relating to clubbing o f income arising to spouse from the assets transferred ? Solution Income from assets transferred to the spouse Section 64(l)(iv) In computing the total income of an individual, all such income as arises directly or indirectly, subject to the provisions of section 27(i) (i. e. deemed owner), to the spouse of such individual from assets (other than house property) transferred directly or indirectly to the spouse of such individual otherwise than for adequate consideration or in connection with an agreement to go bad apart shall be included. C. S. Executive Tax Law Dec. 9 Solved Ans. 7 As per this provision, if an individual transfers any asset other than house property to his/her spouse, the income from such an asset shall be included in the total income of the transferor. This provision is not applicable to house property because in that case transferor is deemed to be the owner of the house property and the one-year value of the property is taxed in the hands of the transferor a s per section. 27. The income from the transferred assets shall not be clubbed in the following cases (i) If the transfer is for adequate consideration (II) the transfer is under an agreement to give-up the ghost apart iii) if the relationship of husband and wife does not exist, either at the time of transfer of such asset or at the time of accrual of the income. (C) Alka is carrying on textile business. Compute her net wealth from the following details of her assets and also determine her wealth-tax liability for the assessment year 2009-10 (i) shore in rural area (it lies within 8 kms. from a municipality having a population of more than 10,000 land was purchased in 1990 construction is permissible. (ii) Land in urban area (held as stock-in-trade since 2001 ) (iii) Motor cars (iv) Aircraft for use of employees and auditors (v) Bank equilibrize vi) Guest house situated in rural area (vii) residential flats of identical size provided to employees near the factory (salary of emp loyees does not exceed Us. 5. 00,000 in a year) (viii) Residential house given to superior general manager (whose annual salary is Rs. 15,00,000) (ix) Cash in hand as per cash book (x)Two residential houses let- push through on rent (value of each creation Rs. 22 hundred thousand one is letout for 250 days during the financial year 2008-09). Market Value 48,00,000 35,50,000 8. 60,000 1,25,00,000 12. 00,000 10,50,000 30. 00,000 25,00,000 2,00,000 Alka has interpreted a loan of Rs. 24,00,000 for acquiring the spreadcraft Rs. 5,50. 000 for and and Rs. ,00,000 for residential house given to general manager Solution Computation of not wealth of Alka for the Assessment year 2009-10 i. Land in Rural Area (Lies within 8 Kms from a Municipality) 48,00,000 ii. Land in Urban Area (held as SIT) iii. Motor car 8,60,000 iv. Aircraft for use of employees and auditors 1,25,00,000 v. Bank Balance vi. Guest house situated in Rural Area 10,50,000 vii. Residential flats to employees (salary does not exceed Rs. 500000) -viii. Residential house given to general manager 25,00,000 ix. Cash in hand as per books x. Two residential house let out on rent but one house is let out for less than three hundred days. 2,00,000 Gross wealth 2,39,10,000 Less Loan taken for Acquisition of air craft 24,00,000 Urban land &8212Residential house to General conductor 4,00,000 28,00,000 Total Tax i. p. 1% on the amount in excess of Rs. 15,00,000 19610000 x 1% 2,11,10,000 1,96,100 Qn. 5. (A) Anurag sells a plot of land on eighth July, 2008 for Rs. 40 lakh and paid brokerage on its deal 1%. He purchased this plot on 19th December, 1986 for Rs. 4. 20,000. On 1st February, 2009, he purchased a residential house for Rs. 15 lakh. He owns one residential house an 8th July, 2008. The cost lump index for 1986-87 was 140 and for 2008-09 is 582.Find out the amount of capital gains chargeable to tax for the assessment, year 2009-10. Suppose Anurag sells the new residential house before 1st February. 2012, what will be the taxable amount of capital gains and C. S. Executive Tax Law Dec. 09 Solved Ans. 8 in which year it will be charged to tax? If Anurag purchases any other residential house before 1st February, 2011, what will be the taxable amount of capital gains and in which year it will be charged to tax ? Solution (A) Computation of capital gains chargeable to tax for A/Y 2009-10 Sales Consideration Less Expenses an transfer brokerage 1%Less Indexed cost of acquision 420000 x 582 &8212140 40,00,000 4,00,000 17,46,000 18,54,000 15,00,000 LTCG 3,54,000 If Anurag sells the new residential house before 1st Feb 2012 the taxable amount is whole gross sales consideration and it is taxable in A/Y 2013 -14 If Anurag purchase any other residential house before 1st Feb 2011, than taxability is not arise in A/Y 2012 -13. (-) Exemption U/S 54 (B) Danny has the following investments in the previous year ended 31st March, 2009 (i) Rs. 7,160 received as interest on securities of Karnataka gove rnment. (ii) Rs. 9,000 received as interest on securities of a listed newspaper manufacturing company. iii) Rs. 7,200 received as interest on the unlisted securities of a sugar company. (iv) Rs. 30,000. 11% securities (unlisted) of a textile company. (v) Rs. 20,000, 10% Tamil Nadu government loan, (vi) Rs. 50,000, 13. 5% listed debentures of skirt Ltd. Interest on ail securities is payable on 30lh June, and, 31&8243 December. The bank charges 1/5% commission on net credit of interest as exhibition charges. Danny also received Its. 15, 000 as directors stipend from a company. His other incomes are winnings from horse race Rs. 25,000 (gross) and interest on post office savings bank account Rs. 6,000.Find out taxable income of Danny from other sources for the assessment year 2009-10. Solution Computation of Income from other sources for the A/Y 2009 -10 Director Fees Winning from horse race Interest from post office saving bank account 11% securities (unlisted ) of a textile co mpany 10% Tamil nadu Govt. loan 13. 5% listed debentures of Dolly ltd. Intt. On securities of Karnataka Govt. Intt. On a listed paper mfg. Co. Intt. On the unlisted securities of a sugar company Less Deduction Bank Charges 1. 5% Total Income Amount 15,000 25,000 6,000 3,300 2,000 6,750 7,160 9,000 7,200 81410 1,221 80,189 C) Loss under any head of income for any assessment, year can be set-off against the income from other heads of income but when it has to be carried forward for being set-off, it can only be set-off from income under the same head. Explain. Solution Where in respect of any Assessment year, if after setting off losses against income under the same head the net result of the computation under any head of income, other than capital gains is a loss, the assess shall be entitled to have the amount of such a loss set off against his income, if any, available, for that assessment year under any other head.But If the losses could not be set off under the same head or unde r different heads in the same assessment year, such losses are allowed to be carried forward to be claimed as set off from the income of the subsequent Assessment Year for eg- A loss under the head house property, if could not be set off or was not wholly set off in the same assessment year, will be allowed for be carry forward and set off only under the head Income from house property similarly Business losses other speculation business can be carry forward and set off under the head PGBP. C. S. Executive Tax Law Dec. 9 Solved Ans. 9 Where in respect of any assessment year, the net result of the computation under the head crownwork Gains is a loss to asseessee, whether short term or long term. such(prenominal) loss shall be separately carried forward, further such carried forward short term capital loss can be set off in subsequent assessment year from income under the head capital gains, whether short term or long term, but brought forward long term capital loss shall be allowed to be set off only from long term capital gain. QN. 6 (A) Rohit is the owner of a house property, its municipal valuation. s Rs. 80,000. It has been let-out for Rs. 1,20,000 per annum. The local taxes payable by the owner amount to Rs. 16,000, but as per agreement between the dwell and the landlord, the tenant has paid the amount direct to the municipality. The landlord, however, bears the following expenses on tenants amenities Rs. supplement of water connection Water charges Lift maintenance Salary of nurseryman Lighting of Stairs Maintenance of swimming pool The landlord claims the following deductions Repairs and collection charges Land revenue paid 3,000 1,500 1,500 1,800 1,200 750 7,500 1,500Compute the taxable income of Rohit from the house property for the assessment year 2009-10. Solution Computation of Income from House Property of Rohit. Actual get hold of Value Less Expenses net by Rohit an amenities provided to the tenants Water charges Lift Maintenance Salary of g ardener Lighting of stairs Maintenance of Swimming pool Extension of water connection one-year Rent Net Annual value ( Municipal rent value Rs. 80,000 or Rs. 1,10,250 which ever is higher ) Less Statutory deduction 30% Taxable income from House Property 1,20,000 1,500 1,500 1,800 1,200 750 3,000 9,750 1,10,250 1,10,250 33,075 77,175 B) What are capital assets ? What items are not included in capital assets ? Solution Capital asset representation property of any kind held by the assessee, whether or not affiliated with his business or profession, but does not include (i) any stock-in-trade, expendable stores or raw materials held for the purposes of his business or profession as these will be taxed under the head profits and gains of business or profession (ii) personal effects, that is to say, movable property (including wearing apparel and furniture), held for personal use by the assessee or any member of his family dependent on him.However, the following assets shall not be t reated as personal effects though these assets are moveable and may be held for personal use (a) jewellery (b) archaeological collections (c) drawings (d) paintings (e) sculptures or (f) any work of art. (iii) agricultural land in India, which is not an urban agricultural land. In other words, it must be a rural agricultural land (iv) 6. 5% specious Bonds, 1977, 7% Gold Bonds, 1980 or National Defence Gold Bonds, 1980 issued by the Central Government (v) Special Bearer Bonds, 1991, issued by the Central GovernmentC. S. Executive Tax Law Dec. 09 Solved Ans. (vi) Gold Deposit Bonds issued under the Gold Deposit Scheme 1999. 10 QN. 7. Attempt any four of the following (a) Service tax is generally payable by the assistance provider, but there are certain situations in which value receiver is unresistant to pay serving tax. Explain. (b) What are the due dates for hire of work tax by different assessees? (c) Indicate the amount of interest payable for late payment of service tax and the amount of penalty payable for late filing of coming back of service tax. d) Explain the provisions regarding submission of return under service tax. (e) What is the basis of calculation of service tax payable? Explain the provisions governing valuation of taxable service. (f) Choose the most appropriate answer from the given options in respect of the following (i) What would be the value of taxable service, if gross amount charged by a service provider on 5th March, 2009 is Rs. 9,000 (a) Rs. 8,010 (b) Rs. 8,160 (c) Rs. 9,000 (d) Rs. 8,100. (ii) If Raj has stack away any amount of service tax from Brij which is not required to be collected.Raj shall pay the amount so collected to (a) Brij (b) The Central Government (c) Keep it with himself (d) None of the above. (iii) E-payment of service tax is compulsory in the case of an assessee who had paid service tax in the preceding financial year equal to at least (a) Rs. 10 lakh (b) Rs. 40 lakh (c) Rs. 50 lakh (d) Rs. 1 crore. (iv) Upto what amount, the value of all taxable services provided by a service provider during a financial year is exempt from payment of service tax (a) Rs. 4 lakh (b) Rs. 8 lakh (c) Rs. 10 lakh (d) Rs. l2 lakh. v) If a corporate assessee lias paid Rs. 5,000 as excess service unaffixed during the previous half-year ending period, this excess amount can be alter against its subsequent tax liability (a) equally every month (b) Equally per quarter (c) In one lump-sum (d) Equally on half-yearly basis, Solution (a) The general principle is that the person providing a taxable service is liable to pay service tax, but in certain specific situations, as Government may notify, persons other than the person providing the taxable service are liable for payment of service tax. S. No. Services Persons liable for payment 1 Telecommunication Provider of service General Insurance insurance company or reinsurer 3 4 5 Insurance Auxiliary Insurance Agent Any service provided from outside India and Receiver of service in India received in India Goods transport agency (GTA) Person making payment of freight i. e. receiver of the service (if consignor or consignee of goods are in organized sector), or GTA i. e. provider of service (in other cases) C. S. Executive Tax Law Dec. 09 Solved Ans. Sponsorship services Receiver of services Business ancillary services of distribution of mutual Receiver of service in India fund Any other taxable service Service provider 6 7 8 11 B) There have been frequent changes in the due dates for payment of service tax. The current law pertaining to due dates for depositing the service tax are summarized in the table given below family unit of Assessee Periodicity of Payment Period Due Date Individuals, proprietary every quarter firms or partnership firms April to June 5th (6th in case of eJuly to September paymentofthe month October to December immediately following the said quarter January to March 3 1st March Others All months except March 5t h (6th in case of e-payment) of the month immediately , following the calendar month MonthlyMarch 3 1st March (C) The amount of interest payable for late payment of service tax is 13%. Return of service tax has to be filed within the prescribed period. A late fee has to be paid along with the filing of return of service tax if the same is filed late. Where the return is furnished late the person liable to furnish return is liable to pay to the Central Government a penalty, on the basis of period of delay subject to maximum of Rs. 2,000. Period of delay from due date penalty to be paid Upto 1 5 days 16 to 30 days Rs. 500 Rs. 1,000 After 30 days Rs. 1,000 + 100 per day in excess of 30 days pto maximum of Rs. 2,000 (D) Every person liable to pay service tax shall himself assess the tax due on the services provided by him and furnish a return in Form ST-3 (in triplicate) on a half-yearly basis. half(prenominal) year means 1st April to 30th September and 1st October to 31st March of f inancial year. Without prejudice to the provisions of section 70, the Board may, by relation in he Official Gazette, frame a Scheme for the purposes of modify any person or class of persons to prepare and furnish a return under section 70, and authorise a Service Tax Return Preparer to act as such under the Scheme.The return has to be submitted by the 25th of the month following the particular half-year. Even a NIL return has to be filed if the assessee has not rendered any taxable service during a particular half year. There are no provisions under the Act which enable the filing of revised returns. (E) As per section 66, service tax is to be charged 12% of the value of taxable service proved or to be provided. Hence, we have to determine the value of such taxable services so as to pay service tax. As per section 67, the valuation of taxable service shall be set(p) as under SituationValuation (i) where the provision of service is for a gross amount charged by the service provid er for such consideration in money service provided or to be provided by him (ii) where the provision of service is for a such amount in money, with the addition of service tax consideration not wholly or partly consisting charged, as is identical to the consideration. In other of money words, it should be value of similar services provided to third party. If similar service is not provided to third party, it should be market place value as determined by the assessee ut it cannot be lower than the cost of provision of same. (iii) C. S. Executive Tax Law Dec. 09 Solved Ans. 12 where the provision of service is for a the amount as may be determined in the prescribed consideration which is not ascertainable manner (F) (i) (b) 8160 (ii) (b) The central Government (iii) (c) Rs. 50 lakhs (iv) (c) Rs. 10 lakhs (v) (c) In one Lump-sum bulgeC QN. 8 Attempt, any four of the following (i) How would you take excitant tax credit when goods purchased are transferred by the principal sum to his branch in any other State ? ii) A registered corpus can set-off the amount of insert tax against the amount of his output tax. Explain. (iii) Explain the procedure of adjustment under value added tax ( vat). (iv) In what purchases stimulation, tax credit is not allowed under tubful ? (v) What are the deficiencies in the design of VAT that has been choose by the States in India? Give your opinion (vi) Tax credit or nib method has been adopted universally because of the inherent advantages in the credit method of calculating tax liability? Explain, Solution (i) Stock/Branch transfers i. . transfer of stock from head office to the branch or vice-versa (viz. Inter-State transfers) do not involve sale and, therefore, they cannot be subjected to sales-tax/VAT. However, if (1) inputs are used in the manufacture of finished goods, which are stock/branch transferred or (2) goods purchased for re-sale are stock/branch transferred, then, tax paid on such inputs/goods will be availab le as input tax credit subject to retentiveness of 4% out of such tax by the State Governments. (ii) For claiming input tax credit dealer must be a registered dealer.A registered dealer can only set off the amount of input tax against the amount of his output tax. Further a registered dealer must purchase goods from another registered dealer who has not opted for piece of writing scheme to claim credit of input tax. Apart from registration urgency the registered dealer must keep supporting evidences like VAT invoice of the purchases. (iii) Any dealer whose gross annual turnover is above Rs. 5 lakh will be liable to get compulsory registration. An existing dealer will be automatically registered under the VAT Act.A dealer registered under the VAT Acts is called a registered dealer. Any other dealer may get himself voluntarily registered. On such a dealer Commissioner may impose any conditions as he thinks fit. If dealer fails to get registration he may be registered compulsorily b y the commissioner. Time limit Application for registration must be made within 30 days from the date of liability to get registered. Whom to apply Application for registration must be made to the VAT Commissioner. Exemption from registration A small dealer with gross annual turnover not exceeding Rs. lakhs does not require registration. Further States may increase the above limit for the small dealers to Rs. 10 lakhs. Penalty If a dealer who is liable to get himself registered, fails to do so then he shall be liable to penalty and he shall not be eligible for input tax credit related to the period earlier to the compulsory registration. Cancellation of registration In the following cases registration can be cancelled (i) In case of discontinuance of business or (ii) In case of sale or disposal of business or (iii) In case of shifting or transfer of business to a new state or (iv)Annual turnover of the dealer falls below the specified amount. (iv) Purchase in which input tax credit is not allowed under VAT i) purchases from unregistered dealer. ii) iii) iv) v) vi) vii) viii) C. S. Executive Tax Law Dec. 09 Solved Ans. Purchase from registered dealer who opted for composition scheme. Purchase of goods as may be notified by the state Government. Purchase of goods where invoice does not show the amount of tax separately. Purchase of goods, which are being utilized in the manufacture of exempted goods. Goods merchandise from outside the territory of India.Inter state purchases. Purchase of goods used for personal use/ consumption or provided free of cheque us gifts. 13 (v) Deficiencies in the design of VAT that has been adopted by the States in India are as under (1) Detailed records even by small traders In order to ensure genuine availment of credit, VAT system requires maintenance of detailed accounting records even by all dealers. The small traders/firms find it difficult to do so since the accounting cost is higher than the benefit gained by them by marin ating such records. Hence, they object to the VAT system. 2) Problems due to different VAT rate, exemptions, concessions and composition schemes The advantages of VAT can be achieved only if there is single rate of VAT without any exemptions, concessions and/or composition schemes. The presence of different VAT rates, exemptions, concessions and/or composition schemes distorts the flow of audit trail introduced by VAT system and may result in cascading effect of tax income. (Note Composition schemes provide for lumpsum payment of VAT at a lower rate on the total turnover, in full discharge of VAT liability, without any input tax credit. (3) Matching Requirements v. Different rates of VAT Due to alter fiscal and social needs, there are varying VAT rates in India. The presence of different VAT rates requires matching of purchases and sales, which is not only difficult but impractical as well. However, if matching requirement is waived off, then, there will be scope for tax turnin g away by showing higher sales of goods bearing lower rate and lower sales of goods bearing higher rate. (4) Increase in investment and inflation As compared to single-point taxation- at the time of last sale, VAT equires payment of tax at each stage of production/distribution. Since there may be time-gap in availment of credit on inputs and utilization of such credit against payment of VAT on sales, the dealers will have to carry tax paid stock, which would mean higher investment in stocks/working capital. This would increase interest cost and would increase the prices, thereby, causing inflation. However, this criticism is not fully correct. handiness of credit/set-off of tax paid on inputs reduces cost of production and at long last the sale price, thereby, putting a check over inflation.The price reducing is more than price increase due to interest cost. Thus, VAT is not inflationary in nature. (5) Non-integration of State VAT with Central VAT Until the State VAT gets integr ated with Central VAT and Central Sales Tax, the purchases from other states cannot be put at par with purchases from within the Stage because tax on inter-state purchases (i. e. CST) is not available as credit/set-off while tax on intra-state purchases (i. e. VAT) is available as credit/set-off. Thus, VAT system doesnt rule out cascading effect and the neutrality as to source of purchases remains trammel to within the State. vi) Tax credit or invoice method has been adopted universally because of the inherent advantages in the credit method of calculating tax liability which are (i) Government gets the tax on ultimate sale price to consumer i. e. the tax paid by the consumer gets into Government Exchequer. The Revenue is collected at various stages on the amount of value addition made at the respective stages. Thus, there is no revenue leakage. (ii) This method checks evasion of tax. In order to avail credit of tax paid on purchases, the dealer will have to maintain purchase invoi ces.If the purchase invoices are not maintained, no credit will be available and the dealer will have to pay tax on the total sales value, thereby, leading to higher sale price or lower profits. A dealer not maintaining purchase invoices will loose either way. Thus, the surmisal of tax evasion is minimum. (iii) If the profit margin is kept at unalterable level, then the credit/set-off provided under this method would eliminate cascading effect of taxation and would result in reduction of ultimate sale price. Thus, the industry and the trade would benefit.