Flower Shop Business Plan

Flower Shop Business Plan Jharkhand is a state in eastern India. The name Jharkhand is come from Sanskrit which means Jharkhanda which means regions dense forest. Jharkhand has boarder with Bihar, Uttar Pradesh, Chhattisgarh, Orissa and West Bengal. It covers 74,677 kilometer square from the east. Ranchi is the capital of the Jharkhand. Some of the major cities of Jharkhand are Jamshedpur, Dhanbad, Bokaro, Sindri, Deoghar, Hazaribagh and Gumla. According to some writer, they said that there was already geo political and cultural entity called Jharkhand even before the period of Magadha Empire. Now I am going to tell you about what is retail? Retail: Retail derived from a French word retailer which means to break bulk. Retail consist of all activities involved in the marketing of goods and services directly to the consumer for their personal, family and house hold use. General Description Now my topic for term paper is Jharkhand and I am going to open a Flower shop in Bokaro steel city of Jharkhand. Name of my store is BUDS and BLOSSOMS. Goals and Objectives of a Flower Shop Mission: BUds and Blossoms will use the technology to target the customer and differentiate from the other traditional retail and on-line florists by offering flower gift programs with better service such as customer can select the specific delivery dates, tangibility and customer also specify the color, scents etc. Objective of a flower shop: Objectives of my shop are following: The main objective of my shop is to fulfill the customer wants and give them better product so that customer will satisfy. The second objective is to gain 10% profit. To increase sales. And to generate maximum revenue. About my shop: Buds and Blossoms firstly target the audience within the market. According to Emerson he said that certain things have not changed. Some of the most successful businessmen still have trouble purchasing gifts especially flowers for their wives, fiancà ©es and for their girl friends. So Buds and Blossoms provide them fresh and beautiful flowers for their wives etc. I will open my shop in Bokaro steel city in Jharkhand because in this city most of the population is youngster and they like flower as a most attractive gift for their girl friends or wives. And the shop will target the higher level of income on loved ones. Buds and Blossoms mainly target the Valentines Day, anniversary and birthday etc. and I think fresh flower is the easiest way to speak the feelings of your heart. Buds and Blossoms also provide restaurant facility. And I will also give the customer the better service and flowers so that people can trust on my shop. And to open the shop I will see the following factors: Store location: As Buds and Blossoms open a small gallery on that place where the people usually go so that they can see the gallery and would like to visit my gallery. Buds and Blossom plans to open in June and cover 600 square feet. One third space is used for retail and other space is used for storage and restaurant etc. and we are also providing the free parking so that people can easily visit to my store because sometime people cant visit the shop because they cant provide them parking service. Store design: As we know that customer can easily attract by the exterior design of the gallery or a shop. So Buds and Blossoms create a attractive and inviting store front such as Simple and modern design with attractive design. Beautiful flower design and with lots of lighting. Clear large glass window so that people can easily see the interior decoration. Buds and Blossoms will be open for Monday to Saturday and closed on Sunday and the timings are 10:00 a.m. to 5:00 p.m. And I will follow the policy of CRM that is customer relationship management that means we create a good relationship with the customer. And as I am selling only flowers so my shop is a specialty store which provides only flowers to the customers. Products and Services: Buds and Blossoms will offer a variety of products and services. Products: Using a wide mix of flower: Buds and Blossoms will provide natural and original work of art. The arrangements of shop provide flowers as per the need of the customers. And all samples in the store will be available for purchase. Green and flowering house plant: Buds and Blossoms offer a selection of seasonal green and flowering plants occasionally. Variety of prices: The store will offer a variety of sizes with different prices. Handmade Bouquets: For customers who prefer to use their own vases, Buds and Blossoms will provide them handmade bouquets. Services: Home delivery: Buds and Blossoms will provide home delivery to their customers. Birthday blooms: Buds and Blossoms will offer a free arrangement to each office manager on his or her birthday. Give priority to delivery program: Buds and blossoms give priority to the delivery flower so that we will deliver the arrangements on the same place and at the same time of the week. Buds and Blossoms also provide discount facility to their commercial customers. Marketing plan: Buds and Blossoms mainly target the youngster of the Bokaro city as I mentioned earlier that youngster prefer flower as gift for their girlfriend and for their wives. So our main focus on youngster of the city. As we are opening our new business so I want to achieve minimum 50% of the market share as a florist. Positioning strategies: Buds and Blossoms positioned in their customer by giving some extra benefit, high quality, high quality floral arrangements and personalized service. And Buds and Blossoms also plans to create a unique shopping experience with its floral design gallery which is located in an up and coming arts district area for making poisoning in the customer mind. Current demand in the market: As we know that people like to give flower on anniversary and in the party but there is no any retail shop for the flowers but people demand is high. So rich people demand for the special flowers. So it means the current demand for the flowers is more. Consumer preference and product development: As we know that today people more prefer flowers as a gift so the consumer preference about the flower is more and this preference is also continue in the future. The product development is also high because rich people and business mainly prefer the flower as a gift so the product development is high in present and as well as in the future. Opportunity for the business: As we all know that mainly in India that there has not many flower gallery or a retail shop for the flower so this become an opportunity for me to open a retail shop of the flower for the youngster of the Bokaro city. This is the big opportunity for my business. Barriers for the business: Following are barriers that came into the business: First is that people in India the medium class people thought that flowers are not sufficient as a gift? They usually prefer costly gift and a big gift for the party. So it means they cant prefer the flower due to this sales decrease. Secondly people never trust on the retailer easily. And the third is that it is difficult to capture the minimum 50% of market share as a florist. Solution for the barriers: First is that attracting the people through advertisement? Second is that using some special arrangements for the people? Some factors that affect my business are following: Change in economy: If the economy changes then it affect my business. Change in consumer perception: if the perception of the customer changed then it badly affects my business. Change in technology: if in the future some other technology arises then people prefer that technology more then it also affects my business. Promotional strategies: First promotional strategy is trough advertisement. Means through advertisement we can attract customer and promote our product. The other strategy for promotion is direct selling means to interact the customer for the promotion of the gallery and the product. And the third strategy is by indirect sales means by organizing some events etc. So I think through this we can promote our product or our flower gallery. Operational plan: Store location: As Buds and Blossoms open a small gallery on that place where the people usually go so that they can see the gallery and would like to visit my gallery. Buds and Blossom plans to open in June and cover 600 square feet. One third space is used for retail and other space is used for storage and restaurant etc. and we are also providing the free parking so that people can easily visit to my store because sometime people cant visit the shop because they cant provide them parking service. Layout: Generally, a florists shop will contain a large no of flowers. Sometimes it displayed on the street or will have a large plate glass window to display the flowers. Generally to keep the flower fresh shoppers kept the flower in the cooler or in the water. They also kept them in vases or other containers. My shop has a cooler near the front of the shop with glass window so that customers can easily see the flowers. And Buds and Blossoms have a back section for the decoration of the flower. Key supplier: Key supplier means where we purchase the raw material in this case key supplier means that where we are getting the flower. So I get flower from the Gardner of that particular area and the nursery located in that particular area that are the key supplier of my store. Credit policy: Credit policy is that when we gave the product on credit to the customer. So I follow that policy in some situation means that I will give credit facility to the commercial customer of my gallery. Store management: Store management is very important for a store. To become a top florist store manager the store management is important. To manage the store firstly there is total integration. Means every detail from a flower order needs to be shared with every part of the shop which requires information at the right time in order to handle the proper flower order. And by using new technology we can maximizes sales and reduces costs. I think through this I can manage the store. Merchandising management: Merchandising management includes such areas as salesmanship, types of flower such as jasmine, rose etc., advertising and promoting our floral business, marketing and display window. These all are merchandise of the store so its knowledge is important to make money. Financial plan: As we know that to start a business we require adequate money for the business. So to start a flower shop following are the assumption that should consider: Underlying assumptions: The flower shop will have annual revenue of growth of 16% per year. The total capital spend on the business is 30 crores. I will acquire 10 crores of debt funds to develop the business. I have take loan of 10 years with the 9% interest rate. In the depression or recession the revenue of the gallery should may decline as depend on the market condition or consumer preference. Sources of funds: Equity contributions Management investment 15, 00, 00,000 Total equity financing 15, 00, 00, 000 Debt share 10, 00, 00, 00 Total debt financing 10, 00, 00, 00 Preference share 5, 00, 00, 000 Total preference financing 5, 00, 00, 000 Total financing 30, 00, 00, 000 Break even analysis: In this we assume the running costs which include rent, utilities and an estimation of other running costs. The following chart shows what we need to sell per month to break even, according to these assumptions: Break even analysis Monthly Revenue Break even $ 5, 085 Assumptions: Average percent variable cost 30% Estimated monthly fixed cost $3, 560

Income Tax

History Income tax levels in India were very high during 1950-1980, in 1970-71 there were 11 tax slabs with highest tax rate being 93. 5% including surcharges. In 1973-74 highest rate was 97. 5%. But to reduce tax evasion tax rates were reduced later on, by â€Å"1992-93† maximum tax rates were reduced to 40%. [2][3] [edit]Residential status, Scope of taxable income & Charge [edit]Charge to Income-taxWhose income exceeds the maximum amount, which is not chargeable to the income tax, is an assesse, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status. Income tax is a tax payable, at the rate enacted by the Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person. The chargeability is based on nature of income, i. e. , whether it is revenue or capital.The rates of taxation of income are-: Income Tax Rates/Slabs Rate (%) (applicable for assessment year 2013-14) Net income range (For resident woman below 60 years on the last day of the previous year)Net income range (For resident senior citizen1)Net income range (For super senior citizen2)Net income range (For any other person excluding companies and co-operative societies)Income Tax rates3 Up to Rs. 200000Up to Rs. 250000Up to Rs. 500000Up to Rs. 200000Nil Rs. 200001-500000Rs. 250001-500000-Rs. 200001-50000010% Rs. 500001-1000000Rs. 500001-1000000Rs. 00001-1000000Rs. 500001-100000020% Above Rs. 1000000Above Rs. 1000000Above Rs. 1000000Above Rs. 100000030% ^1 Senior citizen is one who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year. ^2 Super senior citizen is one who is 80 years or more at any time during the previous year. ^3 Surcharge isn't applicable for any person excluding companies whose taxable income exceed Rs. 1 crore. Education cess at 2 % and Secondary and higher education cess at 1% of income-tax applicable for all person.These slab-rates aren't applicable for the incomes which are to be taxed at special rates under section 111A, 112, 115, 161, 164 and 167. For instance, long-term capital gains (except the one mentioned in section 10(38))for all assessees is taxable at 20%. [edit]Residential Status The residential status of the assessee is useful in determining the scope or chargeability of the income for the assessee, i. e, whether taxable or not. For an individual person, to be a resident, any one of the following basic conditions must be satisfied:- Presence of at least 182 days in India during the previous year.Presence of at least 60 days in India during the previous year and 365 days during 4 years immediately preceding the relevant previous year. However, in case the individual is an Indian citizen who leaves India during the previous year for the purpose of employment (or as a member of a crew of an Indian ship) or in case the individual is a person of Indian origin who comes on a visit to India during the previous year, then only the first of the above basic condition is applicable.To determine whether the resident individual is ordinarily resident the following both additional conditions are to be satisfied:- Resident in India in at least 2 out of 10 years immediately preceding the relevant previous year. Presence of at least 730 days in India during 7 years immediately preceding the relevant previous year. If the individual resident satisfies only one or none of the additional conditions, then he is not ordinarily resident. In case the person is not an individual or an HUF, then the residential status can only be either resident or non-resident) [edit]Residential status of a person other than an individual Type of personControl & management of affairs of the taxpayer is wholly in IndiaControl & management of affairs of the taxpayer is wholly outside IndiaControl & management of af fairs of the taxpayer is partly in India partly outside India HUF1ResidentNon-residentResident FirmResidentNon-residentResident Association of personsResidentNon-residentResident Indian company2ResidentResidentResidentForeign company3ResidentNon-residentNon-resident Any other person except an individualResidentNon-residentResident ^1 After determining whether an HUF is resident or non-resident, the additional conditions (as laid down for an individual) should be checked for the karta to determine whether the HUF is ordinary or not-ordinary resident. ^2 An Indian company is the one which satisfies the conditions as laid down under section 2(26) of the Act. ^3 Foreign company is the one which satisfies the conditions as laid down under section 2(23A) of the Act. [edit]Scope of total incomeIndian income1 is always taxable in India notwithstanding residential status of the taxpayer. Foreign income1 is not taxable in the hands of a non-resident in India. For resident (in case of firm, as sociation of persons, company and every other person) or resident & ordinarily resident (in case of an individual or an HUF), foreign income is always taxable. For resident but not ordinarily resident foreign income is taxable only if it is business income and business is controlled wholly or partly in India or it is a professional income and profession is set up in India. 1 Foreign income is the one which satisfies both the following conditions:- Income is not received (or not deemed to be received under section 7) in India, and Income doesn't accrue (or doesn't deemed to be accrued under section 9) in India. If such an income satisfies one or none the above conditions then it is an Indian income. [edit]Heads of Income The total income of a person is segregated into five heads:- Income from Salary Income from house property Income from business or profession Capital Gain and Income from other sources [edit]Income from SalaryAll income received as salary under Employer-Employee rela tionship is taxed under this head, on due or receipt basis, whichever arises earlier. Employers must withhold tax compulsorily (subject to Section 192), if income exceeds minimum exemption limit, as Tax Deducted at Source (TDS), and provide their employees with a Form 16 which shows the tax deductions and net paid income. The Act contains exemptions including (the list isn't exhaustive):- ParticularsRelevant section for computing exemption Leave travel concession10(5) Death-cum-Retirement Gratuity10(10)Commuted value of Pension (not taxable for specified Government employees)10(10A) Leave encashment10(10AA) Retrenchment Compensation10(10B) Compensation received at time of Voluntary Retirement10(10C) Tax on perquisite paid by employer10(10CC) Amount received from Superannuation Fund to legal heirs of employee10(13) House Rent Allowance10(13A) Some Special Allowances10(14) The Act contains list of Perquisites which are always taxable in all cases and a list of Perquisites which are ex empt in all cases (List I). All other Perquisites are to be calculated according to specified provision and rules for each.Only two deductions are allowed under Section 16, viz. Professional Tax and Entertainment Allowance (the latter only available for specified government employees). [edit]Income from House property Income under this head is taxable if the assessee is the owner of a property consisting of building or land appurtenant thereto and is not used by him for his business or professional purpose. An individual or an Hindu Undivided Family (HUF) is eligible to claim any one property as Self-occupied if it is used for own or family's residential purpose.In that case, the Net Annual Value (as explained below) will be nil. Such a benefit can only be claimed for one house property. However, the individual (or HUF) will still be entitled to to claim Interest on borrowed capital as deduction under section 24, subject to some conditions. In the case of a self occupied house deduc tion on account of interest on borrowed capital is subject to a maximum limit of Rs. 1,50,000 (if loan is taken on or after 1 April 1999 and construction is completed within 3 years) and Rs. 30,000 (if the loan is taken before 1 April 1999).For let-out property, all interest is deductible, with no upper limits. The balance is added to taxable income. The computation of income from let-out property is as under:- Gross Annual Value (GAV)1xxxx Less:Municipal Taxes paid(xxx) Net Annual Value (NAV)xxxx Less:Deductions under section 242(xxx) Income from House propertyxxxx ^1 The GAV is higher of Annual Letting Value (ALV) and Actual rent received/receivable during the year. The ALV is higher of fair rent and municipal value, but restricted to standard rent fixed by Rent Control Act. 2 Only two deductions are allowed under this heaad by virtue of section 24, viz. , 30% of Net annual value as Standard deduction Interest on capital borrowed for the purpose of acquisition, construction, repai rs, renewals or reconstruction of property (subject to certain provisions).Income from Business or Profession The income referred to in section 28, i. e. , the incomes chargeable as â€Å"Income from Business or Profession† shall be computed in accordance with the provisions contained in sections 30 to 43D. However, there are few more sections under this Chapter, viz. Sections 44 to 44DA (except sections 44AA, 44AB & 44C), which contain the computation completely within itself. Section 44C is a disallowance provision in the case non-residents. Section 44AA deals with maintenance of books and section 44AB deals with audit of accounts. In summary, the sections relating to computation of business income can be grouped as under: – Specific deductionsSections 30 to 37 cover expenses which are expressly allowed as deduction while computing business income. Specific disallowanceSections 40, 40A and 43B cover inadmissible expenses.Deemed IncomesSections 33AB, 33ABA, 33AC, 35A, 35ABB, 41. Special provisionsSections 42, 43C, 43D, 44, 44A, 44B, 44BB, 44BBA, 44BBB, 44DA, 44DB. Presumptive IncomeSections 44AD, 44AE. The computation of income under the head â€Å"Profits and Gains of Business or Profession† depends on the particulars and information available. [4] If regular books of accounts are not maintained, then the computation would be as under: – Income (including Deemed Incomes) chargeable as income under this head xxx Less: Expenses deductible (net of disallowances) under this ead xxx Profits and Gains of Business or Profession xxx However, if regular books of accounts have been maintained and Profit and Loss Account has been prepared, then the computation would be as under: –Net Profit as per Profit and Loss Account xxx Add : Inadmissible Expenses debited to Profit and Loss Account xxx Deemed Incomes not credited to Profit and Loss Account xxx xxx Less: Deductible Expenses not debited to Profit and Loss Account xxx Incomes charge able under other heads credited to Profit & Loss A/c xxx xxx Profits and Gains of Business or Profession xxx [edit]Income from Capital Gains Transfer of capital assets results in capital gains. A Capital asset is defined under section 2(14) of the I. T. Act, 1961 as property of any kind held by an assessee such as real estate, equity shares, bonds, jewellery, paintings, art etc. but does not include some items like any stock-in-trade for businesses and personal effects. Transfer has been defined under section 2(47) to include sale, exchange, relinquishment of asset extinguishment of rights in an asset, etc. Certain transactions are not regarded as ‘Transfer' under section 47. Computation of Capital Gains:- Full value of consideration1xxx Less:Cost of acquisition2(xx)Less:Cost of improvement2(xx) Less:Expenditure pertaining to transfer incurred by the transferor(xx) ^1 In case of transfer of land or building, if sale consideration is less than the stamp duty valuation, then suc h stamp duty value shall be taken as full value of consideration by virtue of Section 50C. The transferor is entitled to challenge the stamp duty valuation before the Assessing Officer. ^2 Cost of acquisition & cost of improvement shall be indexed in case the capital asset is long term. For tax purposes, there are two types of capital assets: Long term and short term. Transfer of long term assets gives rise to long term capital gains.The benefit of indexation is available only for long term capital assets. If the period of holding is more than 36 months, the capital asset is long term, otherwise it is short term. However, in the below mentioned cases, the capital asset held for more than 12 months will be treated as long term:- Any share in any company Government securities Listed debentures Units of UTI or mutual fund, and Zero-coupon bond Also, in certain cases, indexation benefit is not be available even though the capital asset is long term. Such cases include depreciable asset (Section 50), Slump Sale (Section 50B), Bonds/debentures (other than capital indexed bonds) and certain other express provisions in the Act.There are different scheme of taxation of long term capital gains. These are: As per Section 10(38) of Income Tax Act, 1961 long term capital gains on shares or securities or mutual funds on which Securities Transaction Tax (STT) has been deducted and paid, no tax is payable. STT has been applied on all stock market transactions since October 2004 but does not apply to off-market transactions and company buybacks; therefore, the higher capital gains taxes will apply to such transactions where STT is not paid. In case of other shares and securities, person has an option to either index costs to inflation and pay 20% of indexed gains, or pay 10% of non indexed gains.The cost inflation index rates are released by the I-T department each year. In case of all other long term capital gains, indexation benefit is available and tax rate is 20%. All capi tal gains that are not long term are short term capital gains, which are taxed as such: Under section 111A, for shares or mutual funds where STT is paid, tax rate is 10% from Assessment Year (AY) 2005-06 as per Finance Act 2004. With effect from AY 2009-10 the tax rate is 15%. In all other cases, it is part of gross total income and normal tax rate is applicable. For companies abroad, the tax liability is 20% of such gains suitably indexed (since STT is not paid).Besides exemptions under section 10(33), 10(37) & 10(38) certain specific exemptions are available under section 54, 54B, 54D, 54EC, 54F, 54G & 54GA. [edit]Income from Other Sources This is a residual head, under this head income which does not meet criteria to go to other heads is taxed. There are also some specific incomes which are to be always taxed under this head. Income by way of Dividends. Income from horse races/lotteries. Employees' contribution towards staff welfare scheme. Interest on securities (debentures, Gov ernment securities and bonds). Any amount received from keyman insurance policy as donation. Gifts (subject to certain conditions and exemptions). Interest on compensation/enhanced compensation. edit]Permissible deductions from Gross Total Income This section requires expansion. (November 2012) While exemptions is on income some deduction in calculation of taxable income is allowed for certain payments given under Chapter VI-A ie. , sections 80C to 80U. [edit]Section 80C Deductions Section 80C of the Income Tax Act [1] allows certain investments and expenditure to be deducted from total income up to the maximum of 1 lac. The total limit under this section is ? 100,000 ) which can be any combination of the below: Contribution to Provident Fund or Public Provident Fund. PPF provides 8. 8% [5] return compounded annually. Maximum limit to contribute in it is 100,000 for each year.It is a long term investment with complete withdrawal not possible till 15 years though partial withdrawal i s possible after 5 years. The interest earned on PPF investments is not taxable. Besides, there is employee providend fund which is deducted from the salary of the person. This is about 10% to 12% of the BASIC salary component. Recent changes are being discussed regarding reducing the instances of withdrawal from EPF especially when one changes the job. EPF has the option of full settlement on leaving the job, taking VRS, retirement after 58. It also has options of withdrawal for certain expenses related to home, marriage or medical. EPF contribution includes 12% of basic salary from employee and employer. It is distributed in ratio of 8. 33:3. 7 in Pension fund and Providend fund Payment of life insurance premium. It is allowed on premium paid on self, spouse and children even if they are not dependent on father or mother. Investment in pension Plans. National Pension Scheme is meant to save money for the post retirement which invests money in different combination of equity and de bt. depending upon age up to 50% can go in equity. Annuity payable after retirement is dependent upon age. NPS has six fund managers. Individual can make minimum contribution of Rs6000/- . It has 22 point of purchase (banks). Investment in Equity Linked Savings schemes (ELSS) of mutual funds. Among other investment opportunities, ELSS has the least lock-in period of 3 years.However, one should note that after the Direct Tax Code is in place, ELSS will no longer be an investment for 80C deduction. Investment in National Savings Certificates (interest of past NSCs is reinvested every year and can be added to the Section 80 limit) Tax saving Fixed Deposits provided by banks for a tenure of 5 years. Interest is also taxable. Payments towards principal repayment of housing loans. Also any registration fee or stamp duty paid. Payments towards tuition fees for children to any school or college or university or similar institution (Only for 2 children) Post office investments The investment can be from any source and not necessarily from income chargeable to tax. edit]Section 80CCF: Investment in Infrastructure Bonds From April, 1 2011, a maximum of ? 20,000 is deductible under section 80CCF provided that amount is invested in infrastructure bonds. This is in addition to the 100,000 deduction allowed under Section 80C. However this deduction has not been extended to Financial year 2012-13. [6] Omiitted with effect from F. Y. 2012-13. [edit]Section 80D: Medical Insurance Premiums Health insurance, popularly known as Mediclaim Policies, provides a deduction of up to 35,000. 00 (? 15,000. 00 for premium payments towards policies on self, spouse and children and ? 15,000. 00 for premium payment towards non-senior citizen dependent parents or ? 20,000. 0 for premium payment towards senior citizen dependent). This deduction is in addition to ? 1,00,000 savings under IT deductions clause 80C. For consideration under a senior citizen category, the incumbent's age should be 60 years during any part of the current fiscal, e. g. for the fiscal year 2010-11, the incumbent should already be 60 as on March 31, 2011), This deduction is also applicable to the cheques paid by proprietor firm. [edit]Interest on Housing Loans Section For self occupied properties, interest paid on a housing loan up to Rs 150,000 per year is exempt from tax. This deduction is in addition to the deductions under sections 80C, 80CCF and 80D.However, this is only applicable for a residence constructed within three financial years after the loan is taken and also the loan if taken after April 1, 1999. If the house is not occupied due to employment, the house will be considered self occupied. For let out properties, the entire interest paid is deductible under section 24 of the Income Tax act. However, the rent is to be shown as income from such properties. 30% of rent received and municipal taxes paid are available for deduction of tax. The losses from all properties shall be allowed to be adjusted against salary income at the source itself. Therefore, refund claims of T. D. S. deducted in excess, on this count, will no more be necessary. 7] [edit]Section 80DDB : Deduction in respect of Medical Treatment, etc Deduction is allowed to resident individual or HUF in respect of expenditure actually during the PY incurred for the medical treatment of specified disease or ailment as specified in the rules 11DD for himself or a dependent relative or a member of a HUF[8] [edit]Refund Status State Bank of India (SBI) is the refund banker to the Indian Income Tax Department(ITD). Your tax refund details are sent to SBI, by the Income tax department. Then SBI will process the refund, and send you the refund intimation. While filing your return you can choose any one of the two Refund modes ECS or Paper(cheque). The refund status can be checked online at the NSDL site. [edit]Due Date of submission of returnThe due date of submission of return shall be ascertained according to section 139(1) of the Act as under:- September 30 of the Assessment Year(AY)-If the assessee is a company (not having any inter-nation transaction), or -If the assessee is any person other than a company whose books of accounts are required to be audited under any law, or -If the assessee is a working partner in a firm whose books of accounts are required to be audited under any law. November 30 of the AYIf the assessee is a company and it is required to furnish report under section 92E pertaining to international transactions. July 31 of the AYIn any other case. [edit]Advance Tax Under this scheme, every assessee is required to pay tax in a particular financial year, preceding the assessment year, on an estimated basis. However, if such estimated income is less than Rs. 10000, then no advance tax is payable. The due dates of payment of advance tax are:- In case of corporate assesseeOtherwiseOn or before 15 June of the previous yearUpto 15% of advance tax payable- On or before 15 Se ptember of the previous yearUpto 45% of advance tax payableUpto 30% of advance tax payable On or before 15 December of the previous yearUpto 75% of advance tax payableUpto 60% of advance tax payable On or before 15 March of the previous yearUpto 100% of advance tax payableUpto 100% of advance tax payable Any default in payment of advance tax attracts penalty under section 234B and any deferment of advance tax attracts penalty under section 234C. [edit]Tax deducted at Source (TDS) The general rule is that the total income of an assessee for the previous year is taxable in the relevant assessment year. however income-tax is recovered from the assessee in the previous year itself by way of TDS.The relevant provisions therein are listed below. (To be used for reference only. The detailed provisions therein are not listed below. 1) SectionNature of paymentThreshold limit (upto which no tax is deductible)TDS to be deducted 192Salary to any personExemption limitAs specified for individual in Part III of I Schedule 193 2Interest on securities to any residentSubject to detailed provisions of given section10% 194A 2Interest (other than interest on securities) to any residentRs. 10000 (for Bank/cooperative bank) & Rs. 5000 otherwise10% 194BWinning from lotteries etc. to any personRs. 1000030% 194BBWinning from horse races to any personRs. 500030% 94C 2Payment to resident contractorsRs. 30000 (for single contract) & Rs. 75000 (for aggregate consideration in a financial year)2% (for companies/firms) & 1% otherwise 194DInsurance commission to residentRs. 2000010% 194EPayment to non-resident sportsmen or sports associationNot applicable10% 194EEPayment of deposit under National Savings Scheme to any personRs. 250020% 194GCommission on sale of lottery tickets to any personRs. 100010% 194H 2Commission/brokerage to a residentRs. 500010% 194-I 2Rents paid to any residentRs. 1800002% (for plant,machinery,equipment) & 10% (for land,building,furniture) 194J 2Fees for professional/t echnical services; RoyaltyRs. 000010% 194LBInterest paid by Infrastructure Development Fund under section 10(47) to non-resident or foreign company-5% 195Interest or other sums (not being salary) paid to non-residents or foreign company except under section 115O-As per double taxation avoidance treaty ^1 At what time tax has to be deducted at source and some other specifications are subject to the above sections. ^2 In most cases, these payments shall not to deducted by an individual or an HUF if books of accounts are not required to be audited in the immediately preceding financial year. In most cases, the tax deducted should be deposited within 7 days from the end of the month in which tax was deducted. [edit]Corporate Income taxFor companies, income is taxed at a flat rate of 30% for Indian companies, with a 5% surcharge applied on the tax paid by companies with gross turnover over ? 1 crore (10 million). Foreign companies pay 40%. [9] An education cess of 3% (on both the tax and the surcharge) are payable, yielding effective tax rates of 32. 5% for domestic companies and 41. 2% for foreign companies. [10] From 2005-06, electronic filing of company returns is mandatory. [11] [edit]Tax Returns There are five categories of Income Tax returns. Normal Return Belated Return Revised Return Defective Return Returns In Response To Notices [edit]Normal Return Returns filed within the return filing due date, that is 31 July or 30 September of concerned assessment year. [12] [edit]Belated ReturnIn case of failure to file the return on or before the due date, belated return can be filed before the expiry of one year from the end of the relevant assessment year. [edit]Revised Return In case of any omission or any wrong statement mentioned in the normal return can be revised at any time before the expiry of one year from the end of the relevant assessment year. [edit]Defective Return Assessing Officer considers that the return is defective, he may intimate the defect. On e has to rectify the defect within a period of fifteen days from the date of such intimation. If the assessee wants more time, he can file an application to the A O and a further 15 days can be granted at the instance of the A O. [edit]Returns In Response To NoticesAssessing officer in the process of making assessment, may serve a notice under various sections like 142(1), 148(1), 153A(a) or 153C. Returns are required to be furnished within the date specified on the respective notices. [edit]Annual Information Return and Statements [edit]Annual Information Return Those who is responsible for registering, or, maintaining books of account or other documents containing a record of any specified financial transaction,[13] shall furnish an annual information return in Form No. 61A. [edit]Statements By Producers Producers of a cinematographic film during the financial year shall, prepare and deliver to the Assessing Officer a statement in the Form No. 2A, within 30 days from the end of su ch financial year or within 30 days from the date of the completion of the production of the film, whichever is earlier. [edit]Statements By Non-Resident Having A Liaison Office In India With effect from 01,June 2011, Non-Resident having a liaison office in India shall prepare and deliver a statement in Form No. 49C to the Assessing Officer within sixty days from the end of such financial year. [edit]Tax Penalties The major number of penalties initiated every year as a ritual by I-T Authorities is under section 271(1)(c)[14] which is for either concealment of income or for furnishing inaccurate particulars of income. If the Assessing Officer or the Commissioner (Appeals) or the Commissioner in the course of any proceedings under this Act, is satisfied that any person- (b) has failed to comply with a notice under sub-section (1) of section 142 or sub-section (2) of section 143 or fails to comply with a direction issued under sub-section (2A) of section 142, or (c) has concealed the p articulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by way of penalty,- (ii) in the cases referred to in clause (b), in addition to any tax payable by him, a sum of ten thousand rupees for each such failure; (iii) in the cases referred to in clause (c), in addition to any tax payable by him, a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or the furnishing of inaccurate particulars of such income. Income Tax The tax code/law which mandates this type of taxation. The government imposed a tax on the income generated by institutions and individuals within the jurisdiction is income tax. The law dictates that every person and business shall pay income tax. It acts as a source of revenue for the government as the taxes s used to serve the interest of the public within the country. The use of progressive tax system is common in most nations access the globe based on the high level of effectiveness involved in the practice. It makes people that earn highly to be taxed more while people that earn a minimal amount of tax would have taxed less. It is a fare system that the government promotes on the basis of promoting fairness with the cultural setting of the country. The paper entails a detailed discussion about income tax system in a developed country such as Australia. Any guideline/interpretation for this tax code that has been issued by the government The section 55 of the Australian constitution clearly explains that the parliament has the duty of ensuring that it imposes tax laws. It led to the creation of multiple sectors that give a detailed explanation of how the taxation system of the country should run. Ideally, they provide a clear direction that the government is supposed to take whole addressing touchy issues such as the taxation system in the country (Kayis-Kumar, 2016, p.2). The act of the commonwealth gives the recuse direction that is required about income tax in the country. The income tax assessment act of 1936 clearly gives the precise direction about the steps that are supposed to be followed while taxing individuals and companies in h countries. Its major concern is the system of taxation rather than the other steps that are involved in the process. Therefore, the Australian laws provide a precise direction. The computation of this type of taxation After the implementation of the act, various amendments have been done depending on the economic and political set-up of the country. Uncommented amendments and proposal have occurred over the past few years based on the complexity and nature involved in the creation of precise laws that are meant to cater for the needs of the people rather than for a specific group. The modifications made were based on various economic factors that cannot be ignored. Factors such as inflation and economic recession are unexpected events that the government needs to ensures that the laws are created in such a manner that the issues are addressed in the most effective way without affecting the genera; economic set up of the country (Potter & Greber, 2017, p.1). It is a fundamental aspect that relies on the ability of the public to understand complex issues that surrounds the economy. Basic= 50000 + HRA=20000 + Travel allowance=1000 + Child's educational allowance=200 + Medical allowance=1250 + other allowance=8000The deductions allowed Travel allowance=1000 + Child's educational allowance=200 + Medical allowance=1250 The taxable annual gross income is (80,450-2,450) x 12 =9,36,000. If Mr. Yen makes a declaration that he went a loss on Property. Interest paid Rs.1,00,000. The Gross total income $8,36,000 (9,36,000-1,00,000).Mr. yen $1,00,000 as investment in Section 8 and $25,000 under Section 80, the total taxable $7,11,000 (8,36,000-1,25,000). $2,50,000 nill, next $5,00,000 will be 5% amounting to $25,0000. balance of $11,000, the tax rate=20% amounts to $2,200.Annual tax $53,766 ($ .52,200 in addition to the education and charged at 3% is $.1,566). The monthly tax will be $4,480.50/-.The group of taxpayers who should pay this tax It is important to understand that the calculation of income tax takes places from the income statement. The income statement explains the financial position of the company inclusive of the net and gross income of the process. It is an important element that needs to be placed under a broader consideration based on the nature and complexity of the matter. The income statement offers the general performance of the company within the industry (Richards, 2017, p. 1). one can view the revenue and profits after the taxation and costs. the expense of taxes is the last item before the calculation of the net income. One can utilize the aspect to know the effective tax rate in the case and compute the tax. The division of the expenses of income tax and earnings that were made before taxes gives the effective tax rate that is required. The tax report with its sections Individuals and business are eligible to pay the taxes based on nature and complexity involved in the calculation of the issue. The individuals do not cater for the payment of the taxes through their whole income. The activity takes place through deductions that include mortgage interest, dental and medical bills and education expense which are the basis of a citizen's life within developed countries such as Australia. The understanding of the matter demands a broader line of inclusion based on the fact that limited opportunities are involved in such situations. For business, it is quite different as the IRS has a varying system that ensures that the payment of the taxes takes place in a fair way (Berg ; Davidson, 2017, p.79). The entities such as corporation's sole proprietorship, partnerships report their income to the IRS for a fair tax deduction to effectively take place. Income tax reports have specific sections that need to be included while an individual is making the report about the financial progress of a company within the industry. It is an issue that is reliant on the general understanding of the Australian financial structure. The income section is a place on the report that lists all the income sources for the business it a popular technique of giving reports as it relates with wages, dividends and other specified factors that cannot be ignored while creating a successful taxing structure that is essential to understand and implement. Ideally, the sections give a clear set of how the report takes place. Therefore, the section is an important part of the taxation system that cannot be ignored based on the nature and complexity of the taxation system.The deduction section is also an important part that shows the tax liability in the most appropriate manner that is recommendable by most people. It is effective based on the fact that it gives the precise parts of the report that the deductions are often made I relation to the main matter of concern. It is important to consider the fact that there are some limitations towards the creation of such goals that need to be considered based on the nature and complexity of the matter in the concurrent societal setting of Australia. Most expenses are directly deductible based on the effect that they have on the businesses of a person. Lastly, the tax credit is also a section that amounts all the taxes owed by the individual bossiness entity. The deductions vary among the jurisdiction based on the existing complexity involved in computing some specified aspects. Other Information Income tax plays a key role in the overall wellbeing of the Australian economy. Through the tax, the country can be able to offer vital services to the members of the public. It is of relevance to ensure that all the institutions in the country ensure that they implement the tax based on its necessity and ability to adjust by the marketing skeptics and meet up the needs of the nation. Individual income tax, business income tax, local and state income tax and sale tax make up an essential part of the system that cannot be ignored while creating a reliable system that is able to deal with complex matters that surrounds the creation of a perfect tax system in the country (Diminson, 2017, 1). It is a necessity to understand that the inclusion of the taxes leads to the success of the Australian economy. ReferencesAustralia: An overview of recent tax developments in australia. (2016).  International Tax Review,Potter, B., & Greber, J. (2017).Slugging households ‘no budget fix'.  The Australian Financial Review   Berg, C., & Davidson, S. (2017).â€Å"Stop this greed†: The tax-avoidance political campaign in the OECD and Australia.  Econ Journal Watch,  14(1), 77-102. Dinnison, I. (2017).Australia revamps CFCs yet again.  International Tax Review,  8(3), 9-12.  Raj, O. (2016).Aussies plan to rewrite tax rules.  Business timesRichards, R. (2017).Fringe benefits fly below the radar.  Intheblack,  79(2), 60.Kayis-Kumar, A. (2016).What's BEPS got to do with it? exploring the effectiveness of thin capitalisation rules.  EJournal of Tax Research,  14(2), 359-386.

Effective Communication An Effective Change Agent

Effective communication allows the leader to properly pass along information, lower any confusion or angst, as well as foster open communication from employees (Appelbaum, et al, 2015; Meredith, 2013). Fear of change may result in erratic behavior, communication helps to calm fears and address any issues that may arise. The third important characteristic of an effective change agent is the ability to set an example for others. According to Anderson and Anderson (2010) Behavior speaks to more than just overt actions: It describes the style, tone, or character that permeates what people do (p. 35). Leaders must exemplify the type of attitude that reflects what they would like to see in their employees. It is important that everyone is†¦show more content†¦There is not one leadership style that will work for every situation, just as there are multiple ways to go about implementing change (Appelbaum, et al, 2015; Meredith, 2013). Flexibility is integral to understanding how to work toward a goal, regardless of deterrents. Ethical principles and change It is important to consider ethical principles in any process of business. Burnes and By (2012) argued that all leadership styles and all approaches to change are rooted in a set of values, some of which are more likely to lead to ethical outcomes than others. (p. 239). Change leaders can integrate ethical principles into a change process through their own actions. Change leaders set an example for others and act in unselfish ways that would benefit the organization as a whole (Burnes By, 2012). Leaders can help to integrate ethics into all processes, and help facilitate healthy change, through the organizational culture they help to create. Okpara (2014) mentioned that Culture on the other hand, has been described as one of the important factors that influence business ethical decision-making (p. 176). 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The Love Song of J. Alfred Prufrock Essay - 1524 Words

Question: Part A: Analyze the social and historical context of a particular poem Poem: T. S. Eliot, ‘The Love Song of J. Alfred Prufrock The context of any given text whether poetry, novels or a movie is always integral to its understanding. Social and historical context of not only the given text, but the writer’s context and reader’s context play an important role in the interpretation and understanding of the major ideas, issues, values and beliefs within the text. T.S (Thomas Stearns) Eliot was one of the twentieth century’s major poets and still remains relevant today. For many, Eliot and his works synonymous with Modernism; his â€Å"use of myth to undergird and order atomized modern experience; its collage-like juxtaposition of†¦show more content†¦As Word War 1 ended, this in turn challenged the cultural notions of masculinity at that time; an entire generation of young men were killed in this war and the gender roles between men and women began to vary. Women had to start taking on the traditional male roles in order to compensate for the lack of ‘manpower’, this ga ve women the opportunity to pursue occupations and interests that were previously viewed as social taboo (Saleem, M, 2012, p. 372). Towards the start of the Modernist era women were seen drinking and smoking in public and ‘earnt’ the right to vote. This change is apparent through the theme of the ‘tortured psyche’ and through the hesitation and apprehension of Prufrock. This changing nature of gender roles is also representative of the very repressed Victorian era; which is possibly why the poem wasn’t initially received in good taste (Blythe, H Sweet, C, 2004, p. 109). As demonstrated it is quite clear how the social and political changes occurring in that time manifested itself into Eliot’s poem and therefore his own ideals at that time. The Love Song of J.Alfred Prufrock was considered shocking and offensive at the time of its production. However, retrospective analysis reveals the text was somewhat foreshadowing the cultural shift from the 19th century Romanticism era to the Modernist era which followed. Factors which shaped the ModernistShow MoreRelatedThe Love Song Of J. Alfred Prufrock1647 Words   |  7 Pagesseen in T.S. Eliot’s work The Love Song of J. Alfred Prufrock. The main character, Prufrock, plans to ask the woman he loves the overwhelming question of marriage, but due to his pessimistic outlook, he became hesitant and self conscious. Surges of insecurity arise, and instead of proposing his love, Prufrock delays the question and spends the night talking nonsense to avoid the situation. In the end, Prufrock’s insecurities and fear of rejection alter his feelings of love into a sense of emotional protectionRead MoreThe Love Song Of J. Alfred Prufrock970 Words   |  4 PagesNever in Love When reading the title of T.S Eliot’s â€Å"The Love Song of J. 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Elliot, essentially is about a simple man that wishes to ask a question, although the question is never revealed, the reader is taken on journey the with the speaker, only to find that they have spent a lengthy amount of time of their lives without ever asking theRead MoreThe Love Song Of J. Alfred Prufrock Essay1928 Words   |  8 PagesHuman Voices Wake Us and We Drown’: Community in ‘The Love Song of J. Alfred Prufrock’,† James Haba contends that the repeated use of â€Å"you†, â€Å"we†, and â€Å"us† in T. S. Eliot’s â€Å"The Love Song of J. Alfred Prufrock† creates a personal ambience around the reader and Prufrock. Because of this, Haba argues that Eliot’s use of personal pronouns and references produces a sense of community and intimacy between the reader and Prufrock (53), even though Prufrock seemingly struggles with emotions of intimacy andRead MoreThe Love Song Of J. Alfred Prufrock915 Words   |  4 PagesThe Love Song of Alfred Prufrock: Taking the Love out of Song A tragedy in a poem is usually characterized as an event that has a tragic or unhappy ending. They generally are used to teach morals or lessons. T.S. Eliot’s, â€Å"The Love Song of J. Alfred Prufrock†, is considered a tragedy because of the way Eliot uses four different writing styles: word choice, figurative language, images, and biblical allusions. Using these styles, Eliot acknowledges the tragic endeavor of single, reclusiveRead MoreThe Love Song of J. Alfred Prufrock1729 Words   |  7 PagesThe Love Song of J. Alfred Prufrock The dramatic monologue â€Å"The Love Song of J. Alfred Prufrock was written by Thomas Stearns Eliot and published in June of 1915. Eliot was born in St Louis, Missouri on September 26, 1888, where he grew up and lived until the age of eighteen. After high school, Eliot studied at Harvard University in Cambridge, MA and the Sorbonne in Paris, France. Eventually, Eliot ended up in England where he married his wife Vivien and spent the remainder of his lifeRead MoreThe Love Song Of J. Alfred Prufrock1125 Words   |  5 Pagesmodernism. The Love Song of J. Alfred Prufrock, despite being one of T.S Eliot s earliest publications, still manages to remain one of the most famous. He uses this poem to not only draw out the psychological aspect of members of modern society, but also to draw out the aspect of the time that he lived in. The speaker of this poem is a modern man who feels alone, isolated, and incapable of making decisive actions for himself. Prufrock desires to sp eak to a woman about his love for her, but heRead MoreThe Love Song Of J. Alfred Prufrock986 Words   |  4 PagesIn The Love Song of J. Alfred Prufrock by T. S. Eliot and Dover Beach by Matthew Arnold the poets utilizes poetic devices to convey their respective themes. Through use of symbols and metaphors, the speaker in The Love Song of J. Alfred Prufrock displays his fears of the changes brought with the younger generation, and isolation from the changing society. The speaker in Dover Beach, utilizes symbols, metaphors, and similes to state that the younger generation has less faith than the older, and societyRead MoreThe Love Song of J Alfred Prufrock1966 Words   |  8 Pagessymbolism to capture the readers attention in The Love Song of J. Alfred Prufrock. The poem has a dramatic discourse. The percipience of lifes emptiness is the main theme of the poem. Eliot exhorts the spiritual decomposition by exploring a type of life in death. T. S. Eliot, who in the Clark Lectures notes, Real Irony is an expression of suffering(Lobb, 53), uses irony and symbolism throughout the poem to exemplify the suffering of J. Alfred Prufrock who believes he is filled with spiritual morbidityRead MoreThe Love Song Of J. Alfred Prufrock1005 Words   |  5 Pagesâ€Å"The Love Song of J. Alfred Prufrock,† published in 1915, was written by a man named T.S. Eliot. The speaker of the poem begins to describe an evening that appears to be somewhat romantic and a little mysterious. As the reader progresses into the poem, the mood soon fades and the reader starts to figure out that this evening is not what they pictured. â€Å"Acquainted with the Night† is a poem written by Robert Frost. The poem was first published in 1927. The speaker of the poem has a similar mood as

Analysis Of The Book Dark Souls - 1497 Words

Introduction Dark Souls is an awesome franchise and From Software is an amazing developer. I had a great time putting this together and reading all your comments. If you have any questions, feel free to PM me or just engage in the comments. I really like the Dark Souls community and I enjoy contributing. Summary and Results Earlier this week I posted threads in multiple subreddits linking to a google forms survey. I received over 4,000 responses, people ranging from 13 to 52 years old. We are mostly male. The median age is 22 and the average age is 23. The average total hours played is 591. The favorite game is Dark Souls 3, with Dark Souls 1 coming in second, followed by Bloodborne, then Dark Souls 2 then finally Demon’s Souls. The first Dark Souls is the majority of people’s introduction to these games. PCs are the preferred system to play on while Xbox is by far the least favorite. Your gender had little impact on which was your favorite game. However, women are 5% less likely than men to prefer Xbox, holding all other variables I tested for constant. This might explain why more women prefer Bloodborne and Demon’s Souls than men, as PlayStation players were much more likely to prefer those two games. Older players preferred Darks Souls 1 and Demon’s Souls while younger players preferred Bloodborne and Dark Souls 3. Additionally, younger players liked PCs while older players preferred a PlayStation. Your preferred gaming system impacted your preference for games. XboxShow MoreRelatedDantes Inferno Canto V Analysis Essay801 Words   |  4 PagesBarbara Leon Humanities 2 Canto V Analysis 10/06/05 Canto V Analysis SUMMARY Dante and Virgil have just left limbo, the first circle of hell, and are now on their way into the second circle of hell, where hell really begins. It is here that Dante first witnesses the punishment brought upon the sinners. They encounter Minos, the beast-judge who blocks the way into the second circle. 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Business Cycle Free Essays

Tanzania Business Cycle. Tanzania is one of the poorest countries in the world. According to the United Nations’ data approximately 36% of the global population (43. We will write a custom essay sample on Business Cycle or any similar topic only for you Order Now 7 million people) lives below the poverty line. This signifies that the per capita income of Tanzania is relatively low. The Tanzanian economy depends highly on agriculture, which makes up 40% of the Gross Domestic Product (GDP), provides 85% of exports and employs about 80% of the labour force. The remaining 20% is employed either in tourism, construction, mining or the service sector. Although agriculture has boosted Tanzania’s economy, hurdles still exist due to the poor infrastructure of the country. However, the World Bank and International Monetary Fund (IMF), together with private foreign companies are adopting measures to develop the country in order raise its GDP, and have a sustainable growth rate. (Roubin Global Economics 2012). The business cycle represents four phases that the economy of a country goes through over a period of time, moving away from it actual growth trend as suggested by Grant 2000. These include a) depression, b) recovery, c) boom and d) recession. The graph (1) in Appendix A shows, how a economy moves through the four stages, moving away from the actual growth trend. At each stage the economic activities and the total output produced by the economy fluctuate. In addition to that, at each stage the macro economic variables, which include inflation and unemployment, also fluctuate. The wealth of the country also fluctuates at each stage signifying that at each phase of the business cycle the level of consumption, investment, government expenditure, exports and imports fluctuate. (Gant 2000). Below the graph represents Tanzania’s business cycle from 1960 to 2011. The graph represents the four phases of the business cycle according to Tanzania’s economy, also represents how the economy moves away from its actual growth trend. Graph 1: Bigsten and Danielsson(2011) This essay will firstly describe Tanzania’s progress through the four economic phases over the time frame of 1960-2011. Thereafter it will discuss how the various macro economic variables fluctuate during each stage. In particular, this essay will focus on the macro economic variables of unemployment, inflation, investment, output growth (including the components of aggregate demand and supply) and will also consider exports. Depression is the period that falls between recession and recovery. This is the period when the economy faces high rate of unemployment, negative net investment, low levels of exports and falling demand for consumer goods and services, as well as capital goods. (Grant 2000) This is the period when the output level falls over a period of time and the economy of the country is at the lowest level of growth. This implies that the aggregate demand for commodities produced will be relatively low. At this stage the economy will experience a negative growth rate, thus the country will not experience economic development. Instead the country will experience poverty as the circular flow of income in the economy is at a minimum. (Grant 2000) As shown in the graph above, according to the Tanzania economic business cycle, it shows that during the period of independence in 1960’s, the economy experienced a negative growth rate of -4. 2% and had a per capita income rate of 7. 1%. In addition to this the inflation rate was relatively high at 7. 8% as stated by Bigsten and Danielsson (2011). The situation in which the rate of inflation is relatively high and the country’s growth rate is negative is known as hyperinflation. Hyperinflation occurs when the economy highly depends on imports and the country’s currency has lost its value. (Investopedia 2012). This occurred because Tanzania had just been freed from the colonial British rule and, had been taken over by the father of the nation, J. K. Nyerere. The country therefore had to adopt various reform policies in order to boost the economy. (Bigsten and Daneelsson (2011)). By the early 1980’s Tanzania was heading to an economic crisis, due to the war between Uganda and Tanzania, which climaxed in1978. (EISA2010). During this period of warfare, Tanzania faced a reduction in its exports. In addition to this, there were low levels of investment and low levels of production, which decreased the consumption level in the economy. All these factors led to a fall in the aggregate demand and supply in Tanzania. The negative growth also caused the Tanzanian Shilling to depreciate by 25% in 1984, where the wages level decline, thus implying there was a high rate of unemployment, together with that the inflation rate was at 40%, as can be seen on the graph (2) in appendix A. (EISA 2010). According to Rutasita 2004, the high rate of inflation occurred due to the depreciation of the Tanzanian Shilling, which was brought about by the situation of hyperinflation as the currency lost it value. The effect of this on the country was vast as there was a great dependency on imported products that included oil. Tanzania therefore fell into deep economic crises mainly due to the oil price shock, the war between Uganda and Tanzania; fall in exports and the depreciation of the local currency. (Noni 2011) Recovery is the period between depression and boom. This is the period in an economy when reforms occur which tends to boost consumption levels, increase production, increase net investment, increase inflation rates and decrease unemployment rate. Overall, during recovery period the government implements various reform policies, in order to boost the economy and have a positive stable growth in terms of the GDP growth rate (Grant 2000). According to the Tanzanian growth cycle, Tanzania has adopted several reform policies, to allow the economy to have a stable growth rate that would eventually lead to its peak period. Soon after its independence from British rule, as suggested by Noni (2011), Tanzania established commercial banks in November 1970,with the main aim to facilitate investment by providing medium and long term loans, in order to boost up the economy of the country, through the industrial sector. Tanzania however, is said to have a growth rate of 4. 2% after 1986 through the reform policy on macro stability (Shanghai Poverty Conference). In addition to this, in order to reform the economy, the Tanzanian government adopted various policies to reduce the poverty level in the county. Between the 1994 and 2002, through the adaptation of the policy, the level of poverty reduced by 28%. The rate of inflation reduced from 30% during the 1980’s and early 1990’s to a single digit in the late 1990’s, as seen in the graph (2) on Appendix A. As suggested by Shanghai Poverty Conference, the introduction of various policies by Tanzania boosted the economy, as it created new investment, both private and foreign direct. The policy also created employment began to expand the economy. The reforms also improved the balance of payment, which stabled the exchange rate to allow the inflation rate to reduce to a single digit in 1999 being 7. 9%, as the economy was less dependent on the imported productions, and also because of the improvement in balance of payment the shillings gained value, thus stabilizing the economy to a certain level (Rutasitara 2004). This implies that overall production level to increase, which signifies that the aggregate demand for the products’ production would also increase, bring an overall increase in the consumption level. Thus the country has experienced a steady rate of economic growth over the time frame of 1962 to 1976, 1984 to 1995 and finally from 1998 to 2011. The fact that the country’s overall economy has been growing signifies a steady flow of money circulation in the Tanzanian economy. Boom is the period in the economy that comes after recovery and before recession. During this stage of the business cycle, goods and services are at high demand. Also there is a high import and export rate, the inflation rate is relatively high and employment is at the peak. This stage of the economy is when production is at its highest level and thus the expectation of profit is relatively high. (Grant 2000) Referring to the graph above, between the years 1960 and 2011, the Tanzanian economy has been recovering showing a significant growth overall in the economy. Tanzania experienced a significant growth rate in 1966 when the growth rate peaked to 12. 8% (ESED International). Thereafter, the economy has also peaked from the year 2000 to 2011, with an average growth rate of 6. 6%, over a period of 11 years. During this period the average inflation rate was 7. 25% (ESDE International). During this period Tanzania had found natural resources including gold and natural gases which has led to the development of its infrastructure. The industrial sector grew by 9. 2% in 2007, and was estimated to grow by 10% in year 2008, as suggested by Campbell and Christie (2010). Tanzania also showed a great improvement in 2010, performing well in foreign exchange reserves tourism sector. The country has collected $3. 7 billion reserves by September 2012 (The Citizen 2010). Furthermore, the country has taken various measures to improve its growth, as stated by Business Development Gateway (2012). For example, in the year 2010, there had been more development under private sectors, which benefit the investors, and allow investment to occur in the country, which would bring about employment opportunities. Overall, since the beginning of the twenty-first century Tanzania has experienced a great improvement in terms of the GDP growth rate. (Campbell and Christie 2010) Recession is the period between boom and depression. This is the period when the economic growth slows down eventually attaining a constant level in the economy. This is the phase where the rate of unemployment would rise, while the rate inflation rate would decrease. During the recession period the economy is growing but at a low rate. (Grant 2000). According to the graph above, Tanzania’s economy faced a recession during the year 2008. This occurred due to the global financial crises of 2008 that originated from the United States of America caused a general fall in the level of output. This effected Tanzania’s economy as this caused fuel prices to increase, which led to an increase in price in all the sectors of Tanzania’s economy, causing poverty to increase. According to Ngowi (2010), the crises mainly affected the low income earns countries (such as Tanzania) as they are highly financially dependent on the developed nations. Furthermore, due to the financial crises, according to Ngowi (2010) the growth rate predicted by Tanzania reduced from 7. 8% to 7. 5%, in 2008. The investment level also decreased by 10%, together with the level of exports reduced by 44% in cotton industry, 30% in the tourism industry and 50% in the coffee industry. The reduction in all the main economic activities of the country caused the growth rate of the country to decrease. The average inflation rate over the period 2009 to 2011 was 8. 2% (ESDS International). Overall the consumption of in the economy reduced considerably. The financial crises of 2008 did effect the economy of Tanzania, but not at a vast level, as stated by Ngowi (2010). In conclusion this essay has discussed the four phases of a business cycle, showing how an economy of a country (Tanzania) moves through the four stages over a period of time. Overall, Tanzania’s economy has been stable since the country redeemed its independence from British rule However according to president Kikwete (2011), the government has come up with a 5-year government plan in order to ameliorate the country’s economy to a middle income country, with an average GDP growth rate of 8% for next 5 years and targeted growth rate of 10% from 2016 to 2025. Appendix A Graph 1 Graph 1: Google image, the business cycle. Graph 2 Graph 2: ESDS Data Change in inflation rate on27th July 2012. REFERENCE 1. Bigsten A. , Danielsson A. (1999) â€Å"Is Tanzania an emerging economy? A report for the OECD project†Emerging Africa†Ã¢â‚¬ . [Online]. Available at: http://www. investmentcompact. org/dataoecd/40/30/2674918. pdf [Accessed on: 12th July 2012]. 2. Business Development Gateway (2009) Your Gateway to Business success; Fanikiwa ki-Biashara. Available at: http://www. bdgtpsf. com/ [Accessed on: 12th July 2012] 3. Christie T. , Campbell J. 2010) â€Å"Tanzania† [Online] Available at: http://fic. wharton. upenn. edu/fic/africa/Tanzania%20Final. pdf [Accessed on: 12th July 2012] 4. ESED (2012) The CPI % Change. Available at: http://esds80. mcc. ac. uk/wds_ifs/TableViewer/tableView. aspx [Accessed on: 12th July 2012] 5. EISA (2010) Electoral Institute for the Sustainability of Democracy in Africa: Tanzania: failure of Ujamaa (19 76 – 1986). Available at: http://www. eisa. org. za/WEP/tanoverview9. htm [Accessed on: 12th July 2012]. 6. Grant, S. J. (2000) Stanlake’s Introductory Economics. 7th edn. Harlow: Essex. 7. Google images (2012) The Business cycle. Available at: http://www. google. co. uk/imgres? q=the+business+cyclehl=ensa=Xtbm=ischprmd=imvnstbnid=jagFpjAAwB55EM:imgrefurl=http://monevator. com/investment-clocks/docid=J2v1d2NUFnqmMMimgurl=http://monevator. com/wp-content/uploads/2009/05/businesscycle_1. jpgw=515h=427ei=9uIBUPyBAqbC0QXX0uCIBwzoom=1biw=930bih=440 [Accessed on: 12th July 2012] 8. Investopedia (2012)Hyper Inflation: Definition of Hyper inflation. Available at: http://www. investopedia. om/terms/h/hyperinflation. asp#axzz20XRP0LOi [Assessed: 12th July 2012] 9. Ngowi (2010) â€Å"The Current Global Economic Crisis and its impact in Tanzania†. African Journal of Business Management. 4(8) pp 1468 – 1476. [Online] Available at: http://www. academicjournals. org/AJBM/PDF/pdf2010/18July/Ngowi. pdf [Accessed on:12th July 2012] 10. Noni, P. (2011) â€Å"Implementing Successful Reforms and Transformations in DFIs: The Experience of Tanzania Investment Bank Limited†. Tanzania Investment Bank Limited. [Online] Available at: http://www. adfi-ci. org/news/Presentation_by_Mr_Noni_TIB. df [Accessed on: 12th July 2012] 11. Roubin Global economics (2012 )Tanzania: Economic profile: Back ground. Available at: http://www. roubini. com/briefings/119199. php [Accessed on 12th July 2012]. 12. Rutasitara, L. (2004) â€Å"Exchange rate regimes and inflation in Tanzania†. Africa Economic Research consortium. Paper 138 pp. 1-23 [Online] Available at: http://dspace. cigilibrary. org/jspui/bitstream/123456789/32127/1/RP138. pdf? 1 [Accessed on: 12th July 2012]. 13. Shanghai Poverty Conference Tanzania’s Economic Reforms and Lessons Learned. Online] Available at: http://info. worldbank. org/etools/docs/reducingpoverty/case/31/summary/Tanzania%20Country%20Study%20Summary. pdf [Accessed on 12th July 2012]. 14. United Republic of Tanzania Presidents office planning Commission (2011). The Tanzania five years development plan 2011/201 2 – 2015/2016. Available at: http://www. tanzania. go. tz/pdf/FYDP-2012-02-02. pdf [Accessed on 12th July 2012] 15. The Citizen (2010) â€Å"Economy on Course after global recession†. [Online] Available at: http://thecitizen. co. tz/magazines/31-business-week/6759-economy-on-course-aft How to cite Business Cycle, Essay examples

Reflections On The Role Of Leadership In Managing †Free Samples

Question: Discuss about the Reflections On The Role Of Leadership In Managing Organizational Change. Answer: My personal Managing Change Philosophy I have come to learn changemanagement with a positively biased perspective having not been a victim of a huge organizational change and solely experiencing people who were influenced by changing assuming control of their individual destinations by accepting willingly voluntary redundancy. I needed to study more regarding thechange management practices and theories with particular emphasis on leadership role in managing change as I little if not no experience in this field. Reflecting on the approaches and practices taught and learned in this module which buttress organizational change and the need for effective collaborative and shared leadership, my personalchange management philosophy hinges on the theory which acknowledges dominant pictures of managing change- Controlling (interpreter; director, and navigator); and Shaping (caretaker; coach; alongside nurturer). Different viewpoints aboutchange management stayed presented during the course of my change management learning experience that I decided whether to reject or accept. This remained a significant process in assisting me with my validation of my individual beliefs and has since impacted my personal change management philosophy. I recognize, through this paper, my personal experience working at Organization Y as a key influence on my viewpoint of change management. I have further derived motivation and inspiration from guest tutors that shared identical perceptions to my personal philosophy. The case study event has further been a core learning experience for me that affirmed the significance of leadership in change management process in producing the positive results for the organization via the encouragement and motivation of change management team and the organization staff as a whole to embrace change. From my personal experience as outlined in the case study section in this paper, successful inspiration and motivation of team stood significant in propelling effective change. Another fundamental influence source was module, Leadership, Coaching and Mentoring where I gathered all-inclusive feedback regarding myself to coat a Best Self-image of my leadership prospective. Such a replicated best self-image activity assisted me in the recognition of my ability to lead as well as mentor my change management team and to get most out of the team. I prefer shaping organizational change to accomplish intended results, with a priority toward coaching picture, stood the utmost efficient image for change management based on my subjective change management philosophy in the course of this duration. Such a viewpoint has remained reinforced over this session, however, I further come to assent that potential for embracing the director image exist to guarantee knowledge of results. I hold a belief that, in doing so, director calls for the balance of coach image to guarantee a lasting benefit for each stakeholder (Cummings and Worley 2014). My Managing Change Philosophy Influences During my entire course of managing change studies, a number of source of influence have buttressed my personal philosophy. I use the subsequent sub-sections to break these sources down: Personal Experience Organization Y takes the center stage when it comes to my personal experiences whereby a firm emphasis is put on the workers development alongside populace leadership. Organization Ys Chief Executive Officer has embraced a coach style of management whereby he is shaping leaders to accomplish preferred results of the organization. My perspective has undoubtedly been shaped as result of working in this organization in the last five years having observed a range of positive outcomes from managing through shaping alongside enhancing capabilities of individuals within the organization via a shared/participative style of leadership and management. Case Study: Organization Y Change Management My personal experience from working at Organization Y led me in documenting the latest massive organizational change for a case study. It has become proof that my perceptions about the significance of leaders in shaping managing change process is fundamentally dictated by my exposure to practices of change management at Organization Y. The change management journey is analyzed in the case study from marketing organization to the sales organization and presented identical circumstances to managing change theory along the way. A novel leader (Victor) with an undoubted strategic capabilities was appointed in the Organization Y internally to deliver the desired organizational outcome designed by the CEO. This was identical Nunes and Breenes (2011 p. 85) finding in their high-performing organizations study that initial inoculation of novel leadership is core to building capabilities essential for growth. Higgs and Rowland (2005 p. 126) similarly backed the leaders role in the process of change management by arguing that it can influence fundamentally on the changes success. They further added that the mindsets and beliefs of leaders have proved to influence orientation choices as well as approaches to problem-solving. This case study further demonstrated a positive influence on the process of managing change where change is adopted by everyone. Instead of evading change, high performing organizations recognize when change is inevitable to keep pace with times. They also tend to rethink their strategies as well as reinvent their models of operation long before incapacitating stalls ensure. The approach assumed by Organization Y for change management encompassed putting emphasis on organization edges alongside market; reshuffling executive team; and retention/maintenance of surplus talent with capacity for growth of novel businesses. I observed, as a worker in the Organization Y, substantial organizational growth within a short duration. The sales staff for instance, grew from 16 to 30 personnel within a single year. This organizational change influenced positively on the culture of Organization Y, its staff as well as level of inspiration or motivation of each staff. Albeit Victor embraced the director image- change manager image of control with change outcomes being accomplishable that never reinforced my personal philosophy, Victor acknowledged that successful inspiration and motivation of the change management team would effectively work in propelling change. This stood identical to idea of Kotter (2011 p. 93) on good leaders: because change remains a function of leadership ability to successfully inspire or motivate team remains imperative to thrive barriers. Reflecting back, were this change not been a strategy for growth and needed restructuring leading to employment loss, it is of extreme possibility that my personal perspective would have been adversely impacted. Organization Ys case thus presented me with an opportunity to view a director image differently. I subsequently acknowledged that director image is never always about people control and that a director lens is able to bring fundamental benefits to the process of managing change via its planned approach and focus (Hayes 2014). Guest Tutor The guest tutor (Mr. Smith) challenged my perspective of change management a great deal. He shared his experiences as the consultant working on MA as change management consultant. From his shared experienced, it remained clear to me that his practices and process were totally deprived of both human dignity and human element. Surely, it was my truth moment when I acknowledged the unforgiving realism of certain huge organizational change aftermaths. I subsequently interrogated whether I was able to be an agent of change heading the organizational change which might culminate in removal of barriers to change. Surprisingly, I am definitely barred by my moral conscious to some degree. A second guest tutor, on the contrary, Mr. Rolf painted a comprehensive humanistic image. Rolf argued that the director image is never an efficient strategy when managing change. Rather, shaping images of management including the Nurturer stood out. Rolf alluded to the philosophy that Semco Group has embrace in which active employment engagement and participation are the driving forces to successful change management. Rolf further referenced the 14 points for management highlighted by Deming to buttress his personal perspective that criticizes the director image. I greatly learned from Rolf as his perspective reflected my personal philosophy of managing change. Rolfs contribution was a reassurance as I heard him validating alternatives to director image approach and that removal of barriers is never always the appealing solution. From this learning experience, I saw a further relevance on the Rylatt (2010) quotation that held that a true leader is when a person exits the room their impacts still stays in the room. MBA Studies I simultaneously undertook change management and leadership; coaching and mentoring. The MBA studies surely had unwavering influence on my philosophy (personal) from standpoint of being a leader who is morally accountable. I was challenged to assume bravery to query the status quo. It was evident from our last session that large-scale layoff were never efficient except the survival of the organization remains at risk many options to redundancies exist. This additionally buttressed my philosophy of change management (Burke 2017). Albeit I recognized that not each change management initiatives leads to lay off, my assumptions of massive organizational change remain that it characteristically encompass MA were layoff seem to be solution of a great deal of CEO and board of directors (BOD). This was further affirmed by several group poster presentations we held in the 12th week of change management classes that reported layoff in massive organizational change case studies. The Reflected Best Self event was another fundamental opportunity that focused on Leadership; Coaching; and Mentoring. It greatly contributed towards my personal perspective pf change management as it assisted me in identifying my leadership capabilities alongside my leadership style. I unraveled that in working with the change management team, I tended to make individuals feel increasingly valued, supported as well as being at ease via my shared and collaborative leadership style (Kuipers, Higgs, Kickert, Tummers, Grandia, and Van der Voet 2014). I always engage full my team in the entire process of decision making as well as putting great significance on the development of my fellow team members both personally and professionally. I remained humbled by the realization that my team members acknowledged that I made the development of the team my top notch preference and that I genuinely cared for each member of my team. Against this backdrop, I have since related these qualities to the management coaching style. Reading and Theories I have read a range of texts and articles on change management as integral part of my study for the case study. This has since backed my personal perspective on the significance of leaders in outcome shaping with respect to massive change initiatives. Scholars like Higgs and Rowland (2005 p. 126) argued that the mindset and beliefs of a leader shall impact their strategies and approaches to change and its effective implementation (Cameron and Green 2015). Theorist including Kotter, Tushman and Nadler have argued that key to successful change management implementation is the central role played by leaders. I have as well drawn motivation and inspiration from such humanistic change management theories outlined in Graetz and Smith (2010 p. 138) that have clearly illustrated a desire amongst the leaders of the organization to query the status quo, surge risk-taking as well as ingenuity; and eliminate restrictions via effective information sharing and collaborative management teamwork (Benn, Dunphy and Griffiths 2014). My Future Approach to Organizational Change Based on the implemented change management in Organization Y, I have since concluded the case study acknowledging that change management is most efficient with image of change management images. As a coach in this case, the CEO derived the best in change agent that embraced a director image approach to managing change to accomplish desire results. The coaching management style has positively impacted others during the course of professional working experience that I intend to uphold (Goetsch and Davis 2014). I recognized that a director image is useful in propelling massive organizational change. If I were in the Chief Executive Offices place, I might recruit somebody with required competencies to accomplish success. Conclusion My change management philosophy emphasizes managing change images bases that acknowledged 2 images of management (shaping against controlling) alongside 3 images of change results (intended, unintended and partially intended). I am a believer in intended change results for propelling change, with personal priority towards shaping tasks utilizing coaching image to guarantee human-dignity respect. I recognize that director image could as well propel success change results, however, it must be balanced with coach image to impact positive change outcomes for lasting gain of the organization and staff (Bolman and Deal 2017). I have not shifted my perspective over the course but various influential learning experience have reinforced my belief in responsible change management practice. I will always uphold shared and collaborative people-oriented management and leadership approach and draw lesson gained from a range of experiences to guarantee successful change for everyone. References Benn, S., Dunphy, D. and Griffiths, A., 2014. Organizational change for corporate sustainability. Routledge. Bolman, L.G. and Deal, T.E., 2017. Reframing organizations: Artistry, choice, and leadership. John Wiley Sons. Burke, W.W., 2017. Organization change: Theory and practice. Sage Publications. Cameron, E. and Green, M., 2015. Making sense of change management: A complete guide to the models, tools and techniques of organizational change. Kogan Page Publishers. Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning. Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Graetz, F. and Smith, A.C., 2010. Managing organizational change: A philosophies of change approach. Journal of change management, 10(2), pp.135-154. Hayes, J., 2014. The theory and practice of change management. Palgrave Macmillan. Higgs, M. and Rowland, D., 2005. All changes great and small: Exploring approaches to change and its leadership. Journal of change management, 5(2), pp.121-151. Kotter, J. 2001, What Leaders Really Do, Harvard Business Review, December 2001, pp 85-96. Kuipers, B.S., Higgs, M., Kickert, W., Tummers, L., Grandia, J. and Van der Voet, J., 2014. The management of change in public organizations: A literature review. Public Administration, 92(1), pp.1-20. Rylatt, A. 2010, Week 6 guest lecture, UTS.