Commerce Optional (UPSC-IAS)

Questions of the Day for UPSC Commerce Optional. Q.1 What is virtual organization? Do you visualize it in Indian scenario? Examine its merits and limitations. ( UPSC Mains-2014: Commerce Paper2) @COMMERCEOPTIONAL

👉 Relevant for Commerce Optional Industrial relation topic paper 2. By Civil Service Gurukul Section 142 of the social security code. Aadhaar mandatory The Union government has made Aadhaar mandatory for availing social security benefits, and for registration on a national informal workers' database being developed for migrants. The labour ministry has notified section 142 of the social security code. It allows authorities to collect Aadhaar details for the database of beneficiaries under various social security schemes. The move will be applicable to both formal and informal workers and may also help in curbing duplication of data by keeping imposters at bay, authorities said. However, people who don't have Aadhaar will not be denied of benefits, the ministry claims. National informal workers' database National database for unorganized workers is at an advanced stage of development by National Informatics Centre. Join 🔜 @economyupsc Also Join @Commerceoptional The portal is aimed at collection of data for unorganized workers, including migrant workers for the purpose of giving benefits of the various schemes of the government. An inter-state migrant worker can register himself on the portal on the basis of submission of Aadhaar alone. ------------------//-------------- BASICS The Code on Social Security, 2020is acodeto amend and consolidate the laws relating tosocial securitywith the goal to extend social security to all employees and workers either in theorganisedorunorganisedor any other sectors. Join 🔜 @economyupsc Also Join @Commerceoptional The Social Security Code, 2020 bringsunorganised sector,gig workersand platform workers under the ambit of social security schemes, includinglife insuranceand disability insurance, health and maternity benefits,provident fundand skill upgradation, etc. The act amalgamates 9 central labour enactments relating to social security. To access complete Act, you can click on the link given below: https://labour.gov.in/sites/default/files/SS_Code_Gazette.pdf

NITI Aayog report on digital financial inclusion: Key recommendations in the report include: 1. Strengthening the payment infrastructure to promote a level playing field for NBFCs and banks. 2. Digitizing registration and compliance processes and diversifying credit sources to enable growth opportunities for MSMEs. 3. Building information sharing systems,including a ‘fraud repository’, and ensuring that online digital commerce platforms carry warnings to alert consumers to the risk of frauds. 4. Enabling agricultural NBFCs to access low-cost capital and deploy a ‘phygital’ (physical + digital) model for achieving better long-term digital outcomes. Digitizing land records will also provide a major boost to the sector. 5. To make city transit seamlessly accessible to all with minimal crowding and queues, leveraging existing smartphones and contactless cards, and aim for an inclusive, interoperable, and fully open system such as that of the London ‘Tube’. Join 🔜 @economyupsc Also Join @Commerceoptional

👆financial markets topic of paper 1 insurance sector reforms

Insurance Amendment Bill 2021 The Bill seeks to amend the Insurance Act, 1938. The Act provided the framework for functioning of insurance businesses and regulates the relationship between an insurer, its policyholders and its shareholders. It also had provisions regarding the regulator (the Insurance Regulatory and Development Authority of India). Key highlights of the bill The Bill seeks to increase the maximum foreign investment allowed in an Indian insurance company. () Foreign investment The Act allows foreign investors to hold up to 49% of the capital in an Indian insurance company, which must be owned and controlled by an Indian entity. The Bill increases the limit on foreign investment in an Indian insurance company from 49% to 74%, and removes restrictions on ownership and control. However, such foreign investment may be subject to additional conditions as prescribed by the central government. () Investment of assets The Act requires insurers to hold a minimum investment in assets which would be sufficient to clear their insurance claim liabilities. If the insurer is incorporated or domiciled outside India, such assets must be held in India in a trust and vested with trustees who must be residents of India. The Act specifies in an explanation that this will also apply to an insurer incorporated in India, in which at least: (i) 33% capital is owned by investors domiciled outside India, or (ii) 33% of the members of the governing body are domiciled outside India. Join 🔜 @economyupsc Also Join @Commerceoptional

👆financial markets topic of paper 1

What are Small Savings Instruments? Saving schemes are instruments that help individuals achieve their financial goals over a particular period. These schemes are launched by the Government of India, public/private sector banks, and financial institutions. The government or banks decide the interest rate for these schemes and are periodically updated. You can use the savings you make through these schemes for emergencies, retirement, higher education, children's education, marriage, at the time of job loss, to reduce debts and more. Why are they significant? Saving schemes are important for individuals of a country and, in turn, for an economy because of the following reasons: Safety: Depositing your hard-earned excess money in saving schemes will help secure it for your future needs. Holding on to liquid money may not be safe. Retirement Funds: Periodically, depositing money in long-term saving schemes can help you build a retirement corpus.. Tax Savings: Many saving schemes offer one or the other kind of tax benefitsmay it be tax deductions, exemption, or both. Avoid Unwanted Expenses: When you have all the money at hand, you may end up spending it on unwanted items. Join 🔜 @economyupsc Also Join @Commerceoptional

Income-tax is a TAX levied on the TOTAL INCOME of the PREVIOUS YEAR of every PERSON. (1) Person: A person includes an individual, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), a firm, a company etc. (2) Concept of Previous year (P.Y.) and Assessment Year (A.Y.): Previous year is the financial year immediately preceding the assessment year i.e., it is the financial year ending on 31st March, in which the income has accrued/received. In case of a newly set-up business, the previous year would be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly came into existence, and ending on 31st March. Assessment year (A.Y.): Assessment year means the period of twelve months commencing on the 1st April every year. Exception to the rule that income is charged to income-tax in the Assessment Year following the previous year: The income of an assessee for a previous year is charged to income-tax in the assessment year following the previous year. However, in the following cases, this rule does not apply and the income is taxed in the previous year in which it is earned. (i) Shipping business of non-resident [Section 172] (ii) Persons leaving India [Section 174] (iii) AOP/BOI/Artificial Juridical Person formed for a particular event or purpose [Section 174A] (iv) Persons likely to transfer property to avoid tax [Section 175] (v) Discontinued business [Section 176] Previous Year for Undisclosed Sources of Income: The following undisclosed source of income are charged to tax in the previous year in which they assessed by the Assessing Officer: (i) Cash Credits [Section 68] (ii) Unexplained Investments [Section 69] (iii) Unexplained money etc. [Section 69A] (iv) Amount of investments etc., not fully disclosed in the books of account [Section 69B] (v) Unexplained expenditure [Section 69C] (vi) Amount borrowed or repaid on hundi [Section 69D] The above undisclosed incomes are chargeable to tax @78% [i.e., 60% plus surcharge @25% plus cess @4%] as specified under section 115BBE. (3) Total Income: Total income has to be computed as per the provisions contained in the Income-tax Act, 1961. The following steps has to be followed for computing the total income of an assessee: Step 1 – Determination of residential status Step 2 – Classification of income under different heads Step 3 – Computation of income under each head after providing for permissible deductions/ exemptions Step 4 – Clubbing of income of spouse, minor child etc. Step 5 – Set-off or carry forward and set-off of losses Step 6 – Computation of Gross Total Income Step 7 – Deductions from Gross Total Income Step 8 – Computation of Total income Join 🔜 @commerceoptional

👆Daily answer writing practice till 15th nov 2020

15 November 2020 Daily Answer Writing Practice- DAY 11 Organisation Theory of UPSC Commerce Optional Types of Organisation Structure Functional . Matrix Structure , Project Structure https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-21/

14 November 2020 Daily Answer Writing Practice- DAY 10 Organisation Theory of UPSC Commerce Optional Designing Organisational Structures https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-20/

13 November 2020 Daily Answer Writing Practice- DAY 9 Organisation Theory of UPSC Commerce Optional Designing Organisational Structures https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-19/

12 November 2020 Daily Answer Writing Practice- DAY 8 Organisation Theory of UPSC Commerce Optional Organisation Design & Challenges in Organisational Design https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-18/

11 November 2020 Daily Answer Writing Practice- DAY 7 Organisation Theory of UPSC Commerce Optional Organisation Design & Challenges in Organisational Design https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-17/

10 November 2020 Daily Answer Writing Practice- DAY 6 Organisation Theory of UPSC Commerce Optional Evolution of Organisational throry:- Classical ,New Clasical and system approach.Modern Concepts of Organisation Theory https://www.civilservicegurukul.com/daily-answer-writing-practice-for-commerce-optional-upsc-mains-day-16/