Tamil Nadu Board of Secondary EducationHSC Commerce Class 11th
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Commerce Class 11th HSC Commerce Tamil Nadu Board of Secondary Education Topics and Syllabus

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Tamil Nadu Board of Secondary Education Syllabus For Class 11th Commerce: Knowing the Syllabus is very important for the students of Class 11th. Shaalaa has also provided a list of topics that every student needs to understand.

The Tamil Nadu Board of Secondary Education Class 11th Commerce syllabus for the academic year 2021-2022 is based on the Board's guidelines. Students should read the Class 11th Commerce Syllabus to learn about the subject's subjects and subtopics.

Students will discover the unit names, chapters under each unit, and subtopics under each chapter in the Tamil Nadu Board of Secondary Education Class 11th Commerce Syllabus pdf 2021-2022. They will also receive a complete practical syllabus for Class 11th Commerce in addition to this.

Academic year:
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Syllabus

1 Historical Background of Commerce in the Sub-Continent
  • Historical Background of Commerce in the Sub-continent 
    • Trade and Traders in the Pandiya Dynasty
    • Coastal Trade in AncientTamil Nadu
    • Role of the Government during Ancient Tamil Nadu
    • Contribution of ‘Kautilya’ to Trade
    • Commerce and Trade in North India
    • Trade with Rome, China and Europe
  • Barter System 
    • Constraints in Barter System
    1. Lack of double coincidence of Wants 
    2. Non – existence of common measure of value
    3. Lack of direct contact between producer and consumers
    4. Lack of surplus stock
    • Invention of Money 
  • Hindrances of Commerce 
  • Elimination of Hindrances of Commerce 
    • Hindrance of person
    • Hindrance of place
    • Hindrance of time
    • Hindrance of risk of deterioration in quality
    • Hindrance of risk of loss
    • Hindrance of knowledge
    • Hindrance of exchange
    • Hindrance of finance
    • Hindrance of developing the exact product
    • Hindrance of both selection and delivery at doorsteps
2 Objectives of Business
3 Classification of Business Activities
4 Sole Proprietorship
5 Hindu Undivided Family and Partnership
6 Joint Stock Company
7 Cooperative Organisation
  • Meaning and Definition of Cooperative Organisation 
  • Principles of Cooperation 
    • Voluntary and Open Membership
    • Democratic Member Control
    • Member’s Economic Participation
    • Autonomy and Independence
    • Education, Training, and Information
    • Cooperation among Cooperatives 
    • Concern for Community
  • Features of Cooperatives 
    • Voluntary Membership
    • Equal Rights
    • Democracy
    • Honesty
    • Mutual Confidence
    • Welfare Main Objective
    • Cash Payment
    • Economy
    • Distribution of Profit
    • Self Service
  • Advantages and Disadvantages of Cooperative 
    • Advantages
    1. Voluntary organization
    2. Easy formation
    3. Democracy
    4. Equal distribution of surplus
    5. Limited liability
    6. Separate legal entity
    7. Each for all and all for each
    8. Greater identity of interests
    9. Government support
    10. Elimination of middlemen
    11. Tax concessions
    12. Rural credit
    • Disadvantages 
    1. Limited funds
    2. Over reliance on Government funds
    3. Imposed by Government
    4. Benefit to rural rich
    5. Inadequate rural credit
    6. Lack of managerial skills
    7. Government intervention
    8. Misuse of funds
    9. Inefficiencies leading to losses
    10. Lack of secrecy
    11. Conflicts among members
    12. Limited scope
  • Types of Cooperative 
    • Consumers Cooperatives
    • Producers Cooperatives
    • Marketing Cooperatives
    • Credit Cooperatives
    •  Housing Cooperatives
    • Cooperative Farming Societies
8 Multi National Corporations (MNCs)
  • Meaning and Definition of Multi National Corporations 
  • Advantages and Disadvantages of Multi National Corporations 
    • Advantages
    1. Low Cost Labour
    2. Quality Products
    3. Proper Use of Idle Resources
    4. Improvement in Balance of Payment Position
    5. Technical Development
    6. Managerial Development
    7. End of Local Monopolies
    8. Improvement in Standard of Living
    9. Promotion of international brotherhood and culture
    • Disadvantages 
    1. Danger for Domestic Industries
    2. Transfer of Outdated Technology
    3. No Benefit to Poor People
    4. Danger to Independence
    5. Deprivation of Job Opportunity of Local People
    6. Misuse of Mighty Status
    7. Careless Exploitation of Natural Resources
    8. Selfish Promotion of Alien Culture
    9. Neglect of Industrial and Economic Growth of Home Country
  • Examples of Multi National Corporations (MNCs) 
    • List of Indian subsidiary companies of Foreign MNCs
    • List of Indian Multinational Companies and their Logo
9 Government Organisation
  • Introduction of Government Organisation 
  • Meaning and Features of Departmental Undertaking 
    • Features ofDepartmental Undertaking
    1. Ultimate Responsibility
    2. Governmental Financing
    3. Accounting and Audit 
    4. Managed by Civil Servants
    5. Sovereign Immunity
  • Advantages and Disadvantages of Departmental Undertaking 
    • Advantages
    1. Easy Formation
    2. Direct and Control of Parliament or State Legislature
    3. Secrecy Maintained
    4. Lesser Burden of Tax on Public
    5. Instrument of Social Change
    6. Lesser Risk of Misuse of Public Money
    7. Guided by Rules and Regulations of the Ministry
    • Disadvantages 
    1. Red-tapism
    2. Incidence of Additional Taxation
    3. Lack of Competition
    4. Casual Approach to Work
    5. Government Interference
    6. Lack of Professional Management and Fear of Criticism
    7. Financial Dependence
  • Meaning and Features of Public Corporation 
    • List of Indian Departmental Undertaking and their Logo
    • Features of Public Corporation
    1. Special Statute
    2. Separate Legal Entity
    3. Capital Provided by the Government
    4. Financial Autonomy
    5. Management by Board of Directors
    6. Own Staff
    7. Service Motive
    8. Public Accountability
  • Advantages and Disadvantages of Public Corporation 
    • Advantages
    1. Bold Management due to Operational Autonomy
    2. Legislative Control
    3. Qualified and Contented Staff
    4. Tailor-Made Statute
    5. Not Affected by Political Changes
    6. Lesser Likelihood of Exploitation
    7. Reasonable Pricing Policy
    • Disadvantages 
    1. Autonomy and Flexibility, Only in Theory
    2. Misuse of Monopolistic Power
    3. Rigid Constitution
    4. Low Managerial Efficiency
    5. Problem of Passing a Special Act
    6. Clash of Divergent Interests
  • Government Company 
    • Meaning
    • Features
    • Merits
    • Demerits
10 Reserve Bank of India
  • Reserve Bank of India 
    • Indian banks,
    • Foreign banks,
    • Non-Banking Financial Companies (NBFC)
  • Need for the Study on Service Business 
  • Banking Service 
  • The Historical Development of Banks in India 
  • Bank 
    • Introduction
    • Meaning
    • Definition
  • Definition - Central Bank 
  • Origin of RBI 
  • Organisational Structure of RBI 
  • Functions of RBI 
    • Leadership and Supervisory Functions
    1. India’s Representative in World Financial Institutions 
    2. Regulator and Supervisor of Indian Banking System
    3. Monetary Authority
    4. Closely Monitoring Economic Parameters
    5. Promptly Responding to New Challenges
    • Traditional Functions
    1. Banker and Financial Advisor to the Government
    2. Monopoly of Note Issue
    3. Banker’s Bank
    4. Controller of Credit and Liquidity
    5. Lender of the Last Resort
    6. Clearing House Services
    7. Custodian of Foreign Exchange Reserves
    8. Maintenance of Foreign Exchange Rate
    9. Collection and Publication of Authentic Data
    • Promotional Functions
    1. Nurturing Banking Habits among the Public
    2. Grievance Settlement Measures
    3. Agricultural Development
    4. Promotion of Small Scale Industries
    5. Facilitates Foreign Trade
    6. Supports Cooperative Sector
11 Types of Banks
  • Bank 
    • Introduction
    • Meaning
    • Definition
  • Types of Bank 
    • Based on the functions of banks
    1. Central Bank 
    2. Commercial Banks
    3. Development Banks
    4. Cooperative Banks
    5. Foreign Banks
    6. Regional Rural Banks - RRBs
    7. Specialised Banks
    8. Local Area Banks
    9. Small Finance Banks
    10. Payment Bank
    11. Multilateral Development Banks - MDBs
    • Based on the Status given by the RBI
    1. Scheduled Banks and Non Scheduled Banks 
    •  Based on the Ownership Pattern
12 Functions of Commercial Banks
  • Functions of Commercial Banks 
    • Primary Functions 
      • Accepting Deposits
      1. Demand Deposits
      2. Time Deposits
      • Granting Loans and Advances
      1. Advances
      2. Loans
      • Creation of Credit
  • Diversified Banking Functions 
    • Bank Assurance
    • Merchant Banking
    • Retail Banking (Personal Banking
    • Housing Finance
    • Mutual Fund
    • Venture Capital Fund
    • Factoring
  • Electronic Banking Functions 
    • NEFT - National Electronic Funds Transfer
    • RTGS - Real Time Gross Settlement Systems
    • Electronic Clearing Services (ECS) 
    • CORE Banking Solutions
    • Internet Banking or Virtual Banking
    • Mobile Banking
    • Automated Teller Machine (ATM) and CDM Facilities
    • IMPS - Immediate Payment Service
    • Funds Transfer Through SMS
    • Debit Cards
    • Credit Cards
  • Functions of All Commercial Banks in Totality 
    • More production and economic growth
    • Capital formation
    • Consortium finance 
    • Service coverage to non-monetised sector
    • Balanced regional development
    • Smoothing of trade and commerce
    • Development of industry, agriculture, MSMEs and SHGs
    • Implementation of monetary policy
    • Encourages export and international trade
    • New entrepreneurs and employment opportunities
13 Warehousing
  • Meaning of Warehouse and Warehousing 
    • Introduction
    • Warehouse
    • Warehousing
  • Differences Between Warehouse and Warehousing 
    • Need for Warehousing
    1. Mass production
    2. Nature of commodities
    3. Seasonal production but regular consumption
    4. Regular production but seasonal consumption
    5. Proximity to production centers
  • Types of Warehouses 
    • On the Basis of Ownership
    1. Private Warehouses
    2. Government Warehouses
    3. Public Warehouses
    4. Co-operative Warehouses 
    5. Bonded Warehouses 
    6. Institutional Warehouses
    7. Distribution Centre Warehouses
    • On the Basis of Commodities Stored
    1. General Warehouses
    2. Special Commodity Warehouses 
    3. Cold Storages or Refrigerated Warehouses
    4. Climate Controlled Warehouses
  • Functions of Warehouses 
    • Storage
    • Price Stabilization 
    • Equalization of Demand and Supply
    • Business Finance
    • Risk bearing
    • Preparation for sale
    • Widening the marketing area
    • Value added services
  • Advantages and Drawbacks of Warehousing 
    • Advantages
    • Drawbacks of Warehousing
  • Warehousing Documents 
    • Warehouse Warrants
    • Warehouse Keeper’s Receipt
    • Dock Warrant
    • Dock Receipt
    • Delivery Order
  • Warehousing in India 
    • Main Warehousing Agencies in the Public Sector
    1.  Food Corporation of India (FCI)
    2. Central Warehousing Corporation (CWC)
    3. State Warehousing Corporation (SWC)
    4. Tamil Nadu Warehousing Corporation (TNWC)
14 Transportation
  • Transportation 
    • Introduction
    • Meaning and Definition of Transport
  • Types of Transport 
    • Surface Transport
    1. Pack Animals
    2. Bullock Carts
    3. Road Transport
    4. Motor Lorries and Buses
    5. Tramways
    6. Railway Transport
    • Water Transport
    1. Inland Waterways
    2. Ocean Waterways
    • Air Transport
  • Recent Trends in Transportation 
    • Metro Rail
    • Monorail
    • Bullet train 
    • Pipeline Transport
    • Conveyor Transport
    • Ropeway Transport
    • Hyper loop Transport
  • Types of Ocean Transport 
    • Coastal shipping 
    • Overseas shipping
  • Services of Transport to Business 
    • It increases the efficiency of production
    • It stimulates wants by increasing quantity and variety of consumer goods
    • It develops and expands the market
    • It helps in price stability by distributing goods all over the country
    • It aids to economic growth
    • It helps in specialization and mass production
    • It encourages innovations in product production and designing
  • Documents Used in Transportation 
    • Way Bill
    • Physical Properties of Carbon
    • Charter Party
    • Bill of Lading
    • Air Consignment Note or Airway Note
  • Common Carrier 
15 Insurance
  • Meaning and Definition of Insurance 
  • Principles of Insurance 
    • Utmost Good Faith
    • Insurable Interest
    • Indemnity
    • Causa Proxima
    • Contribution
    • Subrogation
    • Mitigation
  • Types of Insurance 
    • Life Insurance
    • Importance of Life Insurance
    • Types of Life Insurance Policies
    • Non – Life Insurance
    1. Fire Insurance
    2. Marine Insurance
    3. Health Insurance
    4. Miscellaneous Insurance
  • Terms Used in Insurance 
    • Nomination
    • Surrender Value
    • Re-Insurance
    • Double Insurance
  • Business Risks 
    • Nature of Business Risks
    1. Business Risks Arise Due to Uncertainties
    2. Risk is an Essential Part of Every Business
    3. Degree of Risk Depends Mainly Upon the Nature and Size of Business
    4. Profit is the Reward for Risk Taking
    • Types of Business Risks
    1. Speculative Risks
    2. Pure Risks
    3. Insurable Risks
    4. Uninsurable Risk
    • Causes of Business Risks
    1. Natural Causes
    2. Human Causes
    3. Economic Causes
    4. Other Causes
  • Insurance Regulatory Development Authority of India (IRDAI) 
    • Organisational Setup of IRDAI
    • Objectives of IRDAI
16 Emerging Service Business in India
  • Franchising 
    • Meaning and definition
    • Characteristics of franchising
    • The main ingredients of a franchise agreement
    • Big brands make head towards for franchising
    • Types of franchising
    • How Franchising help start-ups
    • Advantages of franchising
    • Advantages to the franchisee
    • Advantages of franchising to the franchisor
    • Quick expansion
    • Cost advantages
    • Disadvantages of franchising to the franchisee
    • Disadvantage to the franchisor
  • Factoring 
    • Introduction
    • Meaning and Definition
    • Factoring Process
    • Features of Factoring
    • Types of factoring
    • Factoring vs Forfaiting
  • Logistics 
    • Meaning
    • Logistics Management
    • Decisions
    • Key Actors
    • Role of Government
    • Classification of Logistics Applications
    • lements of Logistics Cost
    • Models in Logistics Management
    • Logistics and Infrastructure
    • Logistics Management to Supply Chain Management
  • Outsourcing 
    • Introduction
    • Meaning
    • Need for Outsourcing
    • Features of Outsourcing 
    1. Transferring Non Core Activities to Outsiders 
    2. Outsourcing Involves Contracting 
    3. Operational Efficiency through Outsourcing 
    4. Improved Customers Satisfaction 
    5. Cost Reduction 
    • Advantages of Outsourcing
    • Overall cost advantages
    • Stimulates entrepreneurship, employment and exports
    • Low manpower Cost
    • Access to professional, expert, and high-Quality services
    • Emphasis on core process rather than the supporting ones
    • Investment requirements are reduced
    • Increased efficiency and productivity
    • Knowledge sharing
    • Disadvantages of Outsourcing / Limitations of Outsourcing
    • Lack of customer focus
    • A threat to security and confidentiality
    • Dissatisfactory services
    • Ethical issues
    • Other disadvantages
    • Core and Non Core activities
    • Benefits 
    1. Focusing on Core Activities 
    2. To Fill up Economic Development 
    3. Encourages Employment Opportunities
    4. Reduction in Investment 
    5. Quest for Excellence
  • Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (KPO) 
    • Meaning
    • Need for BPO
    • Need for KPO 
  • E - Commerce 
    • General Impact of E – commerce
    • Impact of E- commerce on vendors
    • Impact of E-commerce on buyers
    • E – Commerce Domains/Models
17 Social Responsibility of Business
  • Concept of Social Responsibility 
    • Introduction
    • Definition
    • Concept of Social Responsibility
    • Need for Social responsibility
    • Concept of Trusteeship
    • Changing expectations of society
    • Reputation
    • Protection of Environment
    • Optimum Utilisation of Resources
    • Pressure of trade Union
    • Growth of Consumer Movement
    • Government Control
    • Long term self-interest
    • Complexities of Social Problems
    • Globalisation
    • Role of Media
  • Need for Social Responsibility 
    • Self-Interest
    • Creation of Society
    • Social Power
    • Image in the Society
    • Public Awareness
    • Free Enterprise
    • Law and Order
    • Moral Justification
    • Socio-Cultural Norms
    • Professionalism
    • Trusteeship
  • Arguments for and Against Social Responsibility 
  • Kinds of Social Responsibility 
    • Economic Responsibility
    • Legal Responsibility
    • Ethical Responsibility
    • Discretionary Responsibility
  • Social Responsibility Towards Different Interest Groups 
    • Responsibility towards Owners
    • Responsibility towards Investors
    • Responsibility towards Employees
    • Responsibility towards Suppliers
    • Responsibility towards Customers
18 Business Ethics and Corporate Governance
19 Sources of Business Finance
20 International Finance
21 Micro, Small and Medium Enterprises (Msmes) and Self Help Groups (Shgs)
  • Micro, Small and Medium Enterprises (MSME) 
    • Definition
    • Manufacturing Enterprises
    • Service Enterprises
  • Role and Significance of MSMEs 
    • Employment Potential 
    • Low Production Cost 
    • Low Investment 
    • Quick Decision Making
    • Supplementary Role 
    • Establishment of Socialistic Pattern of Society
    • Balanced Regional Development 
    • Promotion of Self Employment and Self Reliance Spirit 
    • Higher Contribution to Manufacturing and Export 
  • Contribution of MSMEs to Indian Economy 
  • MSME Sector in Tamil Nadu 
    • New Entrepreneur-cum-Enterprise Development Scheme (NEEDS)
    • Institutional sources of finance for MSMEs
    • Micro Units Development Refinance Agency (MUDRA bank)
  • Self Help Groups 
    • Objectives of Self Help Groups
    • Features of Self Help Groups
    • Functions of Self Help Groups
    • Mode of linkage 
    • Self Help Groups in India
    • SHGs in Tamil Nadu
22 Types of Trade
  • Meaning of Trade 
    • Introduction
    • Meaning
    • Classification of Trade
    1. Internal Trade
    2. External trade 
    • Differences between ‘Internal Trade’ and ‘International Trade’
  • Features of Internal Trade 
    • Types of Internal Trade
    1. Wholesale Trade
    2. Retail Trade
  • Foreign Trade 
    • Meaning 
    • Types of Foreign Trade
    1. Import Trade
    2. Export Trade
    3. Entrepot Trade
23 Channels of Distribution
24 Retailing
  • Introduction to Retailing 
  • Types of Retailers 
    • Itinerant or Mobile Traders 
    • Fixed Shop Retailers
    • Fixed Shop Large Retailers
    1. Departmental Stores
    2. Chain Stores or Multiple Shops
    3. Super Markets
    4. Cooperative Stores
    5. Hire Purchase And Instalment Traders
    6. Mail Order Houses
    7. Automatic Vending Machines (AVM)
    8. Shopping Malls
    9. Tele-Marketing
    10. Online Shopping or Internet Marketing
  • Role of Champers of Commerce and Industry Associations 
    • Functions
    • Associations or Chambers in India
    • Role of Associations or Chambers
25 International Business
26 Export and Import Procedures
  • Meaning of Import Trade 
    • Meaning
    • Objectives of Import Trade
    1. Achieving Rapid Industrialization
    2. Meeting Consumer Demand
    3. Upgrading Standard of Living of the People
    4. Meeting Shortage Situation
    5. Strengthening Defence
    • Import Procedure
    1. Obtaining Import License
    2. Trade Enquiry
    3. Obtaining Foreign Exchange
    4. Placing an Indent Order
    5. Opening Letter of Credit(L/C)
    6. Receiving Shipping Document
    7. Appointment of Clearing Agents
    8. Fulfillment of Customs Formalities
    9. Taking Delivery of Goods
    10. Settlement of Import Bill
    • Import Documents
    • Intermediaries in Import Trade
    1. Indent Houses/ Import Agent
    2. Clearing Agent
  • Meaning of Export Trade 
    • Export and Import Bank (EXIM Bank)
    • Main Functions of EXIM Bank 
    • Role of Commercial Bank in International Business
    • Pre-Shipment Financial Assistance
    • Post-Shipment Financial Assistance
    • Objectives of Export Trade
    • Export Trade Procedure
    1. Receiving Trade Enquiry
    2. Receiving Indent and Sending Confirmation
    3. Arranging Letter of Credit
    4. Obtaining Importer Exporter Code (IEC) and RBI code Number
    5. Obtaining Registration cum Membership Certificate (RCMC) from Export Promotion Council /Commodity Board
    6. Manufacturing /Procuring Goods and Packing items
    7. Export Inspection Certificate
    8. Insurance of Goods
    9. Certificate of Origin
    10. Consular Invoice
    11. Engagement of Forwarding Agent
    12. Dispatch of Goods to Port and Sending the Receipt to Agent
    13. Fulfilment of Customs Formalities by Forwarding Agent
    14. Customs Clearance
    15. Preparation of Commercial Invoice and Submitting Documents to Bank
    16. Securing Payment
    • Intermediaries in Export Trade
    1. Forwarding Agent
    2. Commission Agents
    3. Export Trading House
27 Facilitators of International Business
  • World Trade Organisation (WTO) 
    • Meaning
    • Objectives of WTO
    • Functions/Role of WTO
    • Benefits of WTO
    • Criticism Against WTO
    1. Free Trade Benefits Developed Countries more than Developing Countries
    2. Most Favoured Nation Principles
    3. Failure to Reduce Tariffs on Agriculture
    4. Neglect of Farmers Interest in Developing Countries
    5. Neglect Environmental Considerations
    6. Neglect of Cultural and Social Factors
    7. Inability of People in Developing Countries to Buy Life Saving Drugs
  • World Bank 
    • Objectives of IBRD
    • Functions Of IBRD
  • International Monetary Fund (IMF) 
      • Objectives of IMF 
      • Functions of IMF
      • Facilities offered by IMF
      • Achievements of IMF
      • IMF AND INDIA
      • Free Convertibility of Indian Rupee
      1. Loan For Development Activities
      2. Ability To Purchase Foreign Currency
      3. Expert Advice
      4. Timely Help
      5. Financial Assistance during Natural Calamity
      6. Membership in World Bank
      7. Help During 1991 Economic Crisis
  • South Asian Association for Regional Co-operation (SAARC) 
    • Objectives of SAARC
    • Council
    • Functions of SAARC
    • Achievements of SAARC
28 Balance of Trade and Balance of Payments
  • Concept of Balance of Payments (BOP) 
    • Meaning
    • Purpose of Preparing Balance of Payments
    • Net Result Revealed by BOP
    • Definition
    • In the words of Domini Salvatore
    • Features of Balance of Payments
  • Balance of Trade 
    • Meaning
    • Difference Between Balance of Payments and Balance of Trade
    • Structure of Balance of Payments
    • Current Account
    • Capital Account
    1. Private Capital
    2. Banking Capital 
    3. Official Capital
29 Elements of Contract
  • Meaning and Definition of the Indian Contract Act 
    • There are two parts of Indian Contract Act namely
    1. General Contracts
    2. Special Contracts
    • Meaning of Contract
  • Essentials of a Valid Contract 
    • Offer and Acceptance
    • Legal Relationship
    • Lawful Consideration (quid pro quo) 
    • Lawful Object (Section 23)
    • Free Consent (Section 13 & 14)
    • Capacity of Parties (Section 11)
    • Certainty of Terms (Section 29)
    • Possibility of Performance (Section 56)
    • Not declared Void
    • Necessary Legal Formalities 
  • Classification of Contract 
    • Types of Contract
    • On the Basis of the validity
    1. Valid Contract
    2. Void Contract (2(j)) 
    3. Voidable Contract 2(i) 
    4. Illegal Contract 
    5. Unenforceable Contract 
    • On the Basis of the Formation
    1. Express Contract
    2. Implied Contract 
    3. Quasi Contract
    4. Tacit Contract
    • On the Basis of Performance
    1. Executed Contract
    2. Executory Contract
    3. Unilateral Contract
    4. Bilateral Contract 
30 Performance of Contract
  • Introduction to Performance of Contract 
    • Actual Performance
    • Attempted Performance 
    • Essentials of a Valid Tender of Performance (Section 38)
    • Who can Demand Performance?
  • Who will Perform the Contract? 
    • Promisor himself
    • Agent
    • Representations
    • Third Person
    • Joint Promisors
    • Time and place of Performance of Promise
  • Reciprocal Promises 
    • Kinds of Reciprocal Promises
    1. Mutual and Independent 
    2. Mutual and Dependent
    3. Mutual and Concurrent
    • Appropriation of Payments [Section 59 – 61]
    1. Appropriation of Payments 
    2. Application of payment where debt to be discharge is not indicated [60]
    3. Application of payment where neither party appropriates [61] 
31 Discharge and Breach of a Contract
  • Discharge of Contract 
    • Modes of Discharge Of Contract
    1. Discharge by Performance
    2. By Agreement on Consent
    3. By Impossibility of Performance 
    4. By Lapse of Time 
    5. By Operation of Law
  • Remedies for Breach of Contract 
    • Types of Remedies
    1. Recission of Contract
    2. Claim for Specific Performance
    3. Claim for Injunction
    4. Claim for Quantum Merit
    5. Claim for Damages
    • Quantum merits arises in the following circumstances
32 Direct Taxes
  • Meaning of Taxes 
    • Types of Taxes
    1. Direct Tax
    2. Indirect Tax
  • Income Tax 
    • Features of Income Tax in India
    1. Levied as Per the Constitution
    2. Levied by Central Government
    3. Direct Tax
    4. Annual Tax
    5. Tax on Person
    6. Tax on Income
    7. Income of ‘Previous Year’ is Assessable in ‘Assessment Year’
    8. Charged at Prescribed Rate(s)
    9. Administered by the Central Government
    10. Applicability
    • Basic Concepts of Income Tax
    1. Assessee
    2. Person
    3. Assessment Year 
    4. Previous Year
    5. Income
    6. Agricultural Income
    • Heads of Income [Sec. 14]
    • Gross Total Income (GTI) [Section 80B (5)]
    • Total Income (T.I.) [Sections 2 (45)]
33 Indirect Taxation
  • Meaning of Indirect Tax 
    • Differences between Direct Taxes and Indirect Taxes
  • Goods and Services Tax (GST) 
    • Meaning
    • Goods and Service Tax
    • Kinds of GST
    1. CGST
    2. SGST 
    3. UGST
    4. IGST
    5. IGST on exports
  • Gst Council 
    • Differences between CGST, SGST and IGST
    • Objectives of GST
    • Benefits of GST
    1. To the Society and country
    2. To Business Community
    3. To Consumers
    • Disadvantages of GST
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