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Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

Indian Income Tax Net JRF Commerce

  Indian Income Tax Net JRF Commerce The Indian income tax system is a progressive tax system that is governed by the Income Tax Act, 1961. It is administered by the Central Board of Direct Taxes (CBDT), which is a part of the Department of Revenue under the Ministry of Finance, Government of India. The system applies to all individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities that generate income within the country. Here are the key aspects of the Indian income tax system: 1.      Residential Status: The liability to pay income tax in India depends on an individual's residential status. There are three categories of residential status: Resident and Ordinarily Resident (ROR), Resident but Not Ordinarily Resident (RNOR), and Non-Resident (NR). The tax rates and exemptions vary based on the residential status. 2.      Income Categories: The income tax system in India categorizes income into five heads: a. Income from Salary: This includes

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