Tax Planning, Deductions, and Compliance Explained

Gross Total Income (GTI)

Gross Total Income (GTI) is the total income earned before deductions. It includes income from all sources without any deductions. GTI is the starting point for calculating taxable income.

GTI = Salary Income + House Property Income + Business/Profession Income + Capital Gains + Other Sources Income + Clubbed Income – Set off of Losses.

Canons of Taxation

  • Canon of Equity: Tax burden should be distributed based on the ability to pay.
  • Canon of Certainty: Taxpayers should be certain
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Value Stream Mapping and Production Layouts

Value Stream Mapping (VSM)

Value Stream Mapping (VSM) is a flowcharting tool used to develop lean processes. This technique visualizes product flows through various processing steps. It also illustrates information flows resulting from the process, as well as information used to control flow. The aim is to provide a brief introduction to VSM and illustrate its use with an example.

To create a lean process, one needs a full understanding of the business, including production processes, material flows,

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Understanding ISO 9000 Quality Management Systems

UNE EN ISO 9000

With the publication in 1987 of the ISO 9000 series of international standards, unification was initiated in the field of management and quality assurance, covering three types of situations:

  • Unification of concepts: UNE-EN ISO 8402
  • Unification of business activities: Regulated activities

Objectives: Quality improvement so that the organization can meet the specifications of products and services determined by both the quality system and the customer. Improving the image for the performance

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Financial Administration and Management in Companies

Administration

It is the science and technique designed for the management of resources through the administrative process, aiming to improve a company’s functional efficiency.

Financial Management

It is a technique aimed at securing the financial resources required by a company. It includes control and proper use of resources, protecting assets to plan and control capital management, thus enabling effective decision-making.

Administrator Functions

The financial manager interacts with other areas of

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Quality Management Tools: PDCA, Q7, and M7 Methods

Quality Management Techniques

PDCA Cycle (Deming Wheel)

The PDCA (Plan-Do-Check-Act) cycle, also known as the Deming Wheel, is a quality-management method that illustrates problem identification and resolution. The core principle is based on continuous improvement:

  • Plan: Plan and prepare.
  • Do: Implement the plan.
  • Check: Monitor and verify the results.
  • Act: Take corrective actions based on the findings.

Q7: Problem-Solving Tools

The Q7 tools are a set of basic quality control tools used for problem-solving

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Production Function and Logistics: Optimizing Manufacturing Processes

Item 7: Production Function and Company Costs

1. Production Department

Production Function: All activities that produce a good or provide a service using raw materials, machinery, facilities, and manpower.

Features of the Production Department:

  • Manufacturing the product
  • Provisioning (providing materials, selecting suppliers)
  • Storage
  • Quality Assurance

2. Production

Product: A good or service produced with a combination of production factors: raw materials, labor (manpower), machinery, facilities, and capital.

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