• LLB is bachelor of law. The Bachelor of Laws (LL.B. or B.L) (Latin: Legum Baccalaureus) is an undergraduate degree in law.LL.B. or Legum Baccalaureus means Bachelor of Law / Laws.
• The first L is “Law”, (The concept of Law (singular L); and the second “L” denotes the “LAWS” (the plural – the specific Laws in force).
• LLB stands for Bachelor of Laws in English. In Latin, the abbreviation LLB is expanded as Legum Baccalaureus. So, short answer is LLB means Bachelor of Law.

• When TDS isn’t deducted at source, the deductor shall be at risk of interest and penalty. however you can pay traditional tax on your income as self assessment tax that if would have deducted by employer be referred to as TDS however assessed cannot deduct TDS in his own income.

• When you make a payment to the Government of India or the Reserve Bank of India, no TDS is collected. No TDS will be deducted in case of payment made to or received from the followings:
  • LIC, UTI and other insurance or cooperative societies.
  • Banks.
  • Central or State Financial Corporations
  • Interest in KVP, Indira Vikas Party, or NSC
  • Refund from income Tax department or Interest paid under Direct Tax.
  • Interests received from recurring deposit or savings account in cooperative societies or banks.
  • Interest received in NRE account.
  • All institutions notified under no-TDS.

Apart from these, there are other institutions where TDS is applicable, for example, interest on compensation from Motor Vehicles Claims Tribunal (MVCT). Taxpayers are required to check whether or not TDS is applicable on their income with a particle institution.

• Tax Deducted at Source (TDS) is applicable for individuals and businesses, the collector is required to collect tax at source before making certain types of payments for rendering specific services.
• The types of payments include Salaries, Interest payments by banks, Commission payments, Rent payments, Consultation fees, Professional fees etc.
• The collector is directed to collect a certain percentage of TDS that is sent to the Central Government.

• The amount deducted as the TDS depends on the amount you earn. TDS starts getting deducted after you start earning. Both the government and the Tax-payers get benefitted from TDS. When you make payments through cash, cheque or credit card, a certain amount of tax is deducted, which gets deposited to the central agencies. The advantages of collecting TDS are,
  • It prevents people from avoiding taxes.
  • It ensures a steady source of revenue for the Government.
  • The Tax Collection base is widened.
  • The burden of responsibility of the Tax Collection Agencies and the Deductor are lessened.
  • It is convenient for the deductee as Tax is automatically deducted.

• If tax is levied directly on personal or corporate income, then it is a direct tax.

• If tax is levied on the price of a good or service, then it is called an indirect tax.

• Careers in financial services pay a great deal more than most other fields, with some of the highest paying entry-level positions.
• On top of that, if you work hard early on, you can very quickly make huge paces forward in your career and experience a substantial increase in pay.

• Several jobs in the financial sector agree for a fairly balanced lifestyle between work and a personal life, especially for those who are independently employed and can choose their schedule.

• The financial sector is diverse and full of many different career options for professionals.
• There are a wide variety of specializations one can attain to focus in on one aspect of the financial sector.

• Because there are a large number of financial positions out there, there is a lot of room to move upward in your career.
• Moreover, it’s simle to relocate with a position in Finance because the job isn’t location-specific.
• There are many options to work in Finance abroad, if you’re looking to expand your career to outside of your home country.

• Job security is an important perk to a career in Finance, as it is an in-demand occupation.
• Positions in the field are generally secure. Because Finance is fundamental to everyday life, there are many job options available.
• Finance gives you more freedom to switch companies, cities, etc if you’re feeling like you want a new challenge.

• In this job isn’t easy. It takes brains, hard work and education to be successful, keeping workers on their does.
• Because it is an logically stimulating field, it can be very rewarding in the long-term.
• Moreover, if one works hard and applies themselves early in their career it doesn’t take long to move up in the ranks, so an individual can earn more and face new and exciting problems.

• Employers in the financial sector like to see their employees continue advancing their education.
• Earning a higher degree also means earning a higher paycheck, so that effort to educate yourself really pays off.

• It means the capital elevated by the issue of shares. The Amount invested by the shareholders towards the face value of shares is collectively known as share capital. It can be divided into some Categories:
  • Authorized Capital
  • Paid-Up Capital
  • Issued Capital
  • Subscribed Capital

• The high amount of share capital a company is allowed to raise is called its authorized capital.
• But does’t limit the number of shares a company may issue, it does put a maximum on the total amount of money that can be raised by the sale of those shares.

• Paid-Up Capital is the amount of cash a company has been paid from shareholders in exchange for shares of its stock.
• Paid-up capital is created when a company sells its shares on the primary market, directly to investors.
• Paid-up capital is important because it’s capital that is not borrowed.
• A company that is fully paid-up has retailed all available shares and thus cannot increase its capital unless it uses money by taking on balance.
• Paid-up capital can never exceed authorized share capital. In other words, the authorized share capital represents the upward bound on possible paid-up capital.

• An Issued capital refers to small value of that part of authorized capital which has been subscribed for by the signatories to the Memo of Association or allotted for cash or for consideration other than cash or allotted as bonus share.

• When a company organizes to “go public” by issuing stock for the first time, investors can submit an application expressing their desire to participate.
• Subscribed share capital refers to the financial value of all the shares for which investors have expressed an interest.

• Ratio Analysis is a powerful tool among the various tools of financial statement analysis.
• It simplifies a company in establishing its financial health i.e., its financial performance whether it is gaining profits or suffering losses.

• Liquidity Ratio facilitates to identify whether the company has enough capability to meet short term requirements. Current and Quick Ratios expose the assessment between Current Assets and Current Liabilities suggest for required decision making.
• The Profitability Ratios like Gross Profit Ratio, Net Profit Ratio and Operating Ratio give a picture of profitability position of the concern.
• Long term solvency and the leverage ratios such as Debt-Equity Ratio and Interest Coverage Ratio convey a firm’s ability to meet the interest cost refunds schedules of its long-term responsibilities and show the proportions of debt and equity in financing of the firms.
• Activity Ratios such as Inventory Turn Over Ratio, Debtor Turnover Ratio, Working Capital Turnover Ratio measure the efficiency with which the resources of a firm have been hired.

• The withdrawal of cash from OD account is a contra entry.
  • Cash a/c Dr
  • Bank a/c Cr

• In the dual entry accounting system, a Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account.
• If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.

• The Receipt Entry program is used to enter, update and post receipt batches.
• Generally, this program will be used to enter non-debtor receipts.
• This program acts as a standard maintenance program.
• All receipts are entered in batches. The batch control total must equal the sum of individual receipts entered before the batch can be placed in READY status and accepted for posting.

• Wind is horizontal movement of air from an area of HIGH pressure to an area of LOW pressure.
• There are two types of winds:
  • local winds
  • global winds
• Both local and global winds are caused by differences in air pressure due to incapable heating of the Earth’s surface and air above it.