Study Notes

B.Com Regular CBCS  Syllabus 2021  5.1 INCOME TAX- I    UNIT-1: Introduction to Income Tax . 10 hours Brief history of Indian Income Tax, legal framework, types of taxes, cannons of taxation, definitions, assessment, assessment year, previous year including exception, assesses, person, income, casual income, gross total income, total income, agricultural income, scheme of taxation, meaning and classification of capital and revenue.  UNIT-2: Residential status 10 hours Residential status of an individual’s, Determination of residential status, incidence of tax problems on computation of Gross total Income  UNIT-3: Exempted incomes 4 hours Introduction, exempted incomes U/S 10. Only in the hands of individuals  UNIT-4: Income from salary 20 hours Meaning, definitions, basis of charge, advance salary, arrears of salary, all allowances, perquisites, profits in lieu of salary, provident fund, gratuity, commutation of pension, encashment of earned leave, ...

  Unit 2:  Presentation of Financial Statements  Topics covered as per syllabus 1.Users of financial statements 2.objective of financial statements, 3.Underlying assumptions, 4.Qualitative characteristics of financial statements, 5.The elements of financial statements, 6.Recognition of the elements of financial statements, 7.Measurement of the elements of financial statements, 8..Concepts of capital and capital maintenance 1.Users of financial statements The users of financial statements include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the public.  (a) Investors. The providers of risk capital need information to help them determine whether they should buy, hold or sell. They are also interested in information to assess the ability of the enterprise to pay dividends.  (b) Employees- Employees and their representative groups are interested in information about the stabi...

UNIT 1: Cost Control and Cost Reduction: Meaning of cost control and cost reduction, areas covered by cost control and cost reduction – product design, target costing, value analysis, value engineering, value chain analysis, Business Process Re- Engineering (theory only) Pareto Chart.   UNIT 1:  COST CONTROL AND COST REDUCTION Definition  Cost management   cost management is used “to describe the approaches and activities of managers in the short term and long term planning and control decisions that increase value for customers and lower costs of products and services. " According to Hansen and Moven, “Cost management identifies, collects, measures, classifies and reports information that is useful to managers in costing (determining what something costs), planning, controlling and decision making.”  It may thus be said that cost management is the practical application and use of cost accounting methods and techniques by the management to improve business ...

Strategic Financial Management UNIT 1  Strategic Decision Making Framework Strategy Strategy is a course of action that specifies the monetary and physical resources required to achieve a predetermined objective, or series of objectives.  Strategic Management Strategic management is the process of  planning, monitoring, analysis and assessment  of all necessities an organization needs, to meet its goals and objectives , to make it more competitive. Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry. Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. The manager must have a thorough knowledge and analysis of th...