Thread: Questions related to economy; Plz help
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Old Saturday, June 04, 2011
mjkhan mjkhan is offline
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Ans 2. balance of payment is the value of all non-tangible services such as banking,insurance,shipping...

difference between balance of payment arises when the total reciepts in a particular year exceeds the total payments and vice versa.


balance of trade is the value of all tangible goods transferred(imported/exported)

trade deficit arises when total imports exceeds total exports.for example we exported goods of worth rs. 20000 in a particular year and imported goods of worth rs.30000 so there will be a trade deficit of 10000 in that particular year.

Ans 3. a tax return is a tax form that is filed to the concerned tax authority.

payment of taxes means the tax paid as assessed according to the tax return.
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