The Comptroller General’s Department: Origins and Early Challenges (1917-1926)
CHAPTER IV: The Department of the Nation’s Comptroller General of the 1st Period (1917-1926)
A) Background and Motivations
Not until the creation of the Department of Audit was there a really strong step in the control. Before, there had been only more or less hesitant movements. The new department was created on December 25, 1917, with the Act being issued on January 18, 1918.
That the Comptroller mechanism emerges as a moralistic one must be emphasized, but with the caveat that it was not only born
Read MoreDemographic Transition and its Impact on Economic Development
Demography is the study of the human population’s size, density, and distribution. This area of study considers birth rates, death rates, and age distribution. The demographic transition is a phenomenon that relates minimal economic, technological, and social factors that influence the size and growth of populations to other societies with advancements in these areas. For instance, as a country develops economically from disorganized subsistence farming into increasingly sophisticated forms of industrialization,
Read MorePersonal, Corporate, and Public Finance: Key Concepts
Personal Finance
- Financial planning involves analyzing the current financial position of individuals to formulate strategies for future needs within financial constraints.
- For example, individuals must save for retirement, which requires saving or investing enough money during their working lives to fund their long-term plans.
- Personal finance includes the purchasing of financial products such as credit cards, insurance, mortgages, and various types of investments.
- Banking is also considered a component
MSMEs, Globalization, Black Money, Foreign Capital, Food Security, Demonetization, and Natural Resources in India
MSME
The Ministry of Micro, Small and Medium Enterprises, a branch of the Government of India, is the apex executive body for the formulation and administration of rules, regulations, and laws relating to micro, small, and medium enterprises in India. The Minister of Micro, Small and Medium Enterprises is Nitin Gadkari, and the Minister of State is Pratap Chandra Sarangi since May 31, 2019.
Under the Micro, Small and Medium Enterprises Development Act, 2006, the Government of India established The
Read MoreMarket Failures and Welfare Economics: A Comprehensive Analysis
Market Failures
- Non-competitive markets
- Public goods and externalities
- Public services
- Economic imbalances
- Natural monopolies
- Problems in the distribution of income
- Asymmetric information
Classical Welfare Economics
Marshall was the first economist to use the terms “happiness and welfare” to refer to both production and economic growth.
Pigou argued that economic welfare is the set of satisfactions that can be expressed in money and also presented us with the objective of the economy, which is growth, and
Read MoreIncome Tax Law and Practice: Key Concepts and Rules
Income Tax Law and Practice: Key Concepts
1. Income Tax Basics
Income Tax: A tax levied by the government on the income of individuals, corporations, and other entities.
Assessee: A person or entity liable to pay tax.
2. Types of Taxes
Direct Tax: Taxes paid directly to the government (e.g., Income Tax).
Indirect Tax: Taxes levied on goods and services (e.g., GST).
3. Sources of Income
- Income from Salary
- Income from House Property
- Profits and Gains of Business or Profession
- Capital Gains
- Income from Other Sources