1 .

difference between current account

and savings account ?
Savings Account Meaning:
A savings account is an interest-bearing deposit account held at a bank
or other financial institution. Though these accounts typically pay a
modest interest rate, their safety and reliability make them a great
option for parking cash you want available for short-term needs.
Current Account Meaning
Current account means a form of Demand Deposit where from
withdrawals are allowed any number of times depending upon the
balance in the account or up to a particular agreed amount.

Current a/c Savings a/c

A current account is A Savings Account, on
intended for those the other hand, is meant
who do business, like mainly for individuals,
shopkeepers, traders, who deposit their
Purpose:
companies, and salaries/ income in the
service organisations. account and use it to pay
Generally, the volume their personal and
of transactions in a household bills.
current account is
very high.
 Interest is not payable Savings accounts pay
Interest: in current accounts, moderate interest.
Interest is calculated on
except in specific cases
the daily outstanding
subject to terms and balance. However, the
conditions of the interest earned is
scheme in which the credited to your account
account is opened. not daily but every
quarter or half year. For
more details visit our
official page of - Deposit
Interest Rates
Overdraft Overdraft facility is Some saving schemes
facility: not available. offer overdraft facility
(*T&C apply

Per day per transaction

Withdrawals are
limit of 50000 /- is fixed
allowed any number of for cash withdrawal by
Withdrawals: times depending upon drawer by self-cheque
the balance in the (through withdrawal up
account or up to a to ` 25000/- - SB Account
particular agreed
amount.
without cheque book
facility) at Non Base CBS
branches irrespective of
nature of accounts.
Passbook should
accompany with
Withdrawals.
2 . Classification of taxation system in
india ?

Classification of Taxes:

What is a Tax?

Taxes are generally an involuntary fee levied on

individuals and corporations by the government in
order to finance government activities. Taxes are
essentially of quid pro quo in nature. It means a favour
or advantage granted in return for something.

Direct Tax:
Meaning:
The tax that is levied by the government directly
on the individuals or corporations are called Direct
Taxes.
Indirect Tax:
Meaning:
The tax that is levied by the government on one entity
(Manufacturer of goods), but is passed on to the final
consumer by the manufacturer.

Income Tax – This is taxes an individual or a Hindu Undivided

Family or any taxpayer other than companies, pay on the income
received. The law prescribes the rate at which such income should
be taxed. Corporate Tax – This is the tax that companies pay on the
profits they make from their businesse

Capital gains tax:

is a tax imposed on capital gains or the profits that an individual
makes from selling assets. The tax is only imposed once the asset has
been converted into cash, and not when it's still in the hands of an
investor.11-Oct-2022

Perquisite tax:
Perquisite” may be defined as any casual emolument or benefit
attached to an office or position in addition to salary or wages.
“Perquisite” is defined in the section 17(2) of the Income tax Act as
including: (i) Value of rent-free/accommodation provided by the
employer.

securities transaction tax:

The STT rate applicable for Equity and Index trades is set at 0.01% on
Futures sell side turnover. STT= 0.01% (STT rate) X 8700 (selling
price) X 10 (lots) X 25 (lot size of NIFTY) = Rs. 217.50 would be levied
on the transaction.
corporate tax:
A corporate tax is a levy which the government imposes on the
income of a company. The money collected from corporate taxes is
used as the source of revenue for a country. Operating earnings of a
company are determined by deducting costs from the cost of the
product sold (COGS) and income depreciation

Indirect taxes
Custom Duty:
• It is a duty levied on exports and imports of goods.
• Import duty is not only a source of revenue from the government
but also have also been employed to regulate trade.
• Import duties in India is levied on ad valorem basis.

Excise Duty:
*An excise duty is in the true sense is a commodity tax because it is
levied on production of goods in India and not on the sale of the
product.
*Excise duty is explicitly levied by the central government except for
alcoholic liquor and narcotics.

Service Tax:
 • Service tax is levied on the services provided in India.
• Service tax was first introduced in 1994-95 on three services
telephone services, general insurance and share broking.
• Since then, every year the service net has been widened by
including more and more services. We now have an exclusion
criterion based on ‘negative list’, where some services are
excluded out of tax net.

Value Added Tax:

• The India’s indirect tax structure is weak and produces
cascading effects.
• The structure was by, and large uncertain and complex and its
administration was difficult.
• As a result, various committees on taxation recommended
‘Value Added Tax’. The Indirect Taxation enquiry committee
argued for VAT.

3 . different types of inventory control?

Types of Inventory Control Systems:

Inventory control systems have evolved. Earlier systems were little
more than spreadsheets, and now machine learning is adding more
automation to inventory control. There are two key types of
inventory control systems.

1. Perpetual inventory system.

A perpetual inventory control system tracks inventory in real-time.
As soon as a product is sold, its barcode is scanned and it is removed
from a global inventory database. When one is received, it is scanned
and added to the inventory database. Each part of the system has
access to the same database and information.
A perpetual inventory provides a highly detailed view of inventory
changes and an accurate accounting of inventory levels without the
need for manual inventory counts. It is suitable for all sizes of
businesses and is necessary for stores with high sales volume or
multiple locations.
2. Periodic inventory system.
A periodic inventory system is kept up to date by a physical count of
goods on hand at specific intervals. With a periodic inventory
system, a business will not know how many products it has until
after the physical count is completed. It is easy to see how this can
be a problem when it comes to filling orders. Your stock count was
accurate weeks or months ago, but now when a customer wants to
buy, you have to physically check your inventory to see if you have
it to sell.
Counting stock manually is a process that takes a lot of time and
manpower. Each and every SKU has to be counted. This would not
work well for a large store. A periodic system is only acceptable for
smaller businesses with minimal amounts of inventory.

Why Are Inventory Control Systems Important:

1. Real-time inventory levels:

A perpetual inventory system will update inventory levels globally
whenever a product is sold, purchased, manufactured, or returned.
With an accurate real-time inventory, you can analyze inventory
flow to set effective reorder points. This helps eliminate out-of-stock
situations and excess inventory. Real-time inventory levels improve
customer relationships by preventing backorders and improving
employee relationships by giving them an accurate view of inventory
status.
2. Optimize your logistic workflow:
Your supply chain is complex. There are a lot of steps involved in
getting a product to your customer. An effective inventory control
system will not only allow you to track a product each step of the
way, but also give you the tools to find bottlenecks in your logistic
workflow. This gives you more time to work on improvements.
3. Financial savings:
There are many ways inaccurate inventory can cost you. If you don't
have a product in stock, a customer could cancel an order and buy
that product somewhere else rather than wait on a backorder. On
the other hand, an inaccurate inventory can also lead to excess stock
which will increase storage cost, insurance cost, and taxes. An
inventory control system will save you money by keeping inventory
at optimal levels.
4. Reduce manual labor inaccuracies:
Physical inventory tracking can be prone to errors and fraud. By
tracking a product from purchase order to customer delivery, an
inventory control system will take human error and theft out of the
equation.
5. Improve customer satisfaction:
In this day and age of next-day or even same-day delivery, customers
expect to get their orders quickly. If your inventory is inaccurate, a
customer could order an item you show in stock but don't actually
have. This could result in a backorder or canceled order, which can
lead to an unhappy customer who may not order from your store
next time.

4 . Types of Budgets?
There are four common types of budgets that companies use: (1)
incremental, (2) activity-based, (3) value proposition, and (4) zero-
based. These four budgeting methods each have their own
advantages and disadvantages, which will be discussed in more
detail in this guide.
1. Incremental budgeting:
Incremental budgeting takes last year’s actual figures and adds or
subtracts a percentage to obtain the current year’s budget. It is the
most common type of budget because it is simple and easy to
understand. Incremental budgeting is appropriate to use if the
primary cost drivers do not change from year to year. However,
there are some problems with using the method:

2. Activity-based budgeting
Activity-based budgeting is a top-down type of budget that
determines the amount of inputs required to support the targets or
outputs set by the company. For example, a company sets an output
target of $100 million in revenues. The company will need to first
determine the activities that need to be undertaken to meet the
sales target, and then find out the costs of carrying out these
activities.
3. Value proposition budgeting

Value proposition budgeting is really a mindset about making sure

that everything that is included in the budget delivers value for the
business. Value proposition budgeting aims to avoid unnecessary
expenditures – although it is not as precisely aimed at that goal as
our final budgeting option, zero-based budgeting.

4. Zero-based budgeting
As one of the most commonly used budgeting methods, zero-based
budgeting starts with the assumption that all department budgets
are zero and must be rebuilt from scratch. Managers must be able
to justify every single expense. No expenditures are automatically
“okayed”. Zero-based budgeting is very tight, aiming to avoid any
and all expenditures that are not considered absolutely essential to
the company’s successful (profitable) operation. This kind of
bottom-up budgeting can be a highly effective way to “shake things
up”.

5 . types of bank accounts?

1. Savings Bank Account
2. Current Bank Account
3. Salary Account
4. Fixed Deposit Account
5. Recurring Deposit Account
6. Non-Resident Ordinary (NRO) Savings Accounts
7. Non-Resident Ordinary (NRO) Fixed Deposit Accounts
8. Non-Resident External (NRE) Savings Accounts

9. Non-Resident External (NRE) Fixed Deposit

Accounts
10. Foreign Currency Non-Resident (FCNR)
Account

Others you