1. 🗓️ Definition of the Term 'Previous Year' -The concept of 'Previous Year' is fundamental to the system of income taxation in India and is defined under Section 3 of the Income Tax Act, 1961. The core principle of income tax is that income earned in one year is taxed in the next year.* Definition: The Previous Year (PY) is the financial year immediately preceding the Assessment Year (AY). It is the year in which the income is earned or accrued.* Duration: A financial year starts on April
13. 📚 Notes on Specific Tax Provisions
(i) Preliminary Expenditure under Section 35D
Preliminary Expenditure refers to the expenses incurred by an assessee before the commencement of the business or after the commencement of the business in connection with the extension of the existing undertaking or the setting up of a new unit.
* Nature of Expenditure: Since these expenses are incurred before the business starts generating revenue, they are typically capital in nature and would normally be disallowed
1. 📝 Diversification and Application of Incomes
Diversification of Income
Diversification of income refers to the strategy of earning income from multiple sources rather than relying on a single source. This is a fundamental risk management technique in personal finance and business.
* Risk Mitigation: By spreading income generation across various channels, an individual or business reduces the impact of poor performance or failure in any one area. For example, if a business relies only on one
Guided Writing (Type-I)
A. Writing a Paragraph
1. Paragraph: An Educational Tour
An educational tour is a trip taken to gain practical knowledge outside the classroom. Last month, our school organized an educational tour to Lumbini, the birthplace of Lord Buddha. We visited the Maya Devi Temple, Peace Pagoda, monasteries and the sacred garden. Seeing the historical monuments and learning about Buddha's life made the tour very meaningful. We also interacted with monks who taught us about peace and compassion....
1. Word Stress
Word stress refers to giving extra emphasis, loudness, or length to one syllable in a word so that it stands out more clearly than the others. English is a stress-timed language, which means correct stress is necessary for clear pronunciation and understanding. Incorrect stress can change the meaning or make the speaker sound unclear or unnatural. For example, words like “juDIcial,” “aPPEAL,” and “conTRACT” (noun) have fixed stress patterns, while the same spelling “conTRACT”...
UNIT-I
1. Generations of Computers
Computers have evolved significantly over time, categorized into generations based on technological advancement. The first generation (1940–1956) relied on vacuum tubes, which made computers bulky, expensive, and heat-prone. These machines used machine language and had limited speed, processing only basic calculations. The second generation (1956–1963) replaced vacuum tubes with transistors, reducing size, cost, and power consumption. Assembly language became
Population, Sample, Census: The population of interest is the entire group researchers want to generalize to. A sample is the smaller group that is actually observed or measured. A census collects data from every single member of the population. Population = who you care about. Sample = who you study. Census = everyone in the population. Representative vs. Biased Samples: A representative sample (unbiased) gives every member of the population an equal chance of being selected. A biased sample (unrepresentative)
That's a great question! Nouns are fundamental to the English language, and they are typically classified in several ways.
Here are the main types of nouns, often grouped into pairs based on what they represent:
1. By Specificity (General vs. Specific)
| Noun Type | Definition | Examples | Key Feature |
|---|---|---|---|
| Common Noun | A general name for a person, place, thing, or idea. | girl, city, river, car, feeling | Not capitalized (unless at the start of a sentence). |
| Proper Noun | The specific