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PDF Editor FAQ

Why GDP is the most used measure of economic performance of a country?

Well, GDP is first and foremost the most suitable measure for theoretical analysis in economics. This is due to what it comprises of: market value of all goods and services produced within a geographical region at a point in time. It is also a good way of representing all spending within the economy for theoretical purposes. The other measures you mentioned (NDP, NNP and NNI) either exclude a type of spending (i.e. depreciation - the amount of GNP required to purchase new goods to maintain existing stock in the case of NDP and NNP; and indirect taxes in the case of NNI), or include a form of spending that necessarily has to be excluded for theoretical purposes (i.e. overseas production by citizens and overseas income by citizens in the cases of GNP, NNP and NNI).In addition to its relatively better ease of measurement, GDP is also the best measure when assessing short-term economic fluctuations that reflect the business cycle.I agree, nonetheless, that GDP should not be the only assessed measure of economic performance. Certain aspects of economic performance are not reflected in GDP (such as depreciation, which gives an idea of aggregate capital stock performance, environmental degredation), and hence, other measures should be assessed as well. Furthermore, although GDP may be the best measure for assessing short-term economic fluctuations, dependence on it for longer-term outlook may be too much, and may blind policymakers and economics to relevant and significant long-term trends - it does not give an idea of the sustainability of the long-term GDP path with respect to environmental, ecological, and social dynamics.

In the UK, under what circumstances do you need to complete a self-assessment tax return to HMRC?

Basically self employed earning more than £4.300 after expenses ,income from savings or shares not in a ISA ,income from rentals of property though rent a room scheme gives some exemption,overseas income ,Pension income taxed but bringing overall income into higher rate bands .Capital assets disposed of but not your usual residence unless more than 25% used for business purposes can be offset against capital losses .Not an absolutely comprehensive list but a start

As an Indian, can I have two passports?

To keep my answer in the perspective - As an Indian, can I have two passports?Question 1: No, the current and applicable Indian Passport Act of 1967 in conjunction with Indian Citizenship Act 1955, does not allow an Indian National to hold another Nationality and hence does not allow another passport other than Indian Passport.If an Indian wishes to acquire Nationality of another Country, then in such cases, he must renounce his Indian Citizenship and hence surrender his passport and any other Identification documents that suggest him to be Indian Citizen. Such IDs may include Voter ID Cards, Ration Cards, PAN Cards, Adhaar Cards, Driving License, etc. All such IDs and documents must also be surrendered.Question 2: Two or more Valid Indian Passports are not allowed or issued in Normal circumstances. But under exceptional circumstances, a Person may be issued a travel document without invalidating his/her passport. Such cases are evaluated on case by case basis. Furtherm, there is a possibility for a person to apply for a Normal Passport while he is still holding a valid Diplomatic or Official Passport.NRI - Non Resident Indian: He is the person who is an Indian National, having Indian Citizenship but not living in India. To be eligible to be an NRI, you should be travelling out of India for a Long Term Stay. Long term includes Leaving Country for Work, Employment, Transfers to Foreign Offices of Indian Company, etc. It excludes people exiting for the purpose of Tourism or Short stay including Students going overseas for Studies. For the Purpose of Taxation (income tax), the Tax Assessee must have stayed out of India for more than 180 days during the assessment year. In such case, the overseas incomes are not taxed in India. But if the Assessee has stayed more than 180 days in India during any Assessment year, then all his incomes (Indian as well as overseas) would be taxed in India.OCI: Overseas Citizens of India are the people of Indian Origin or People who have acquired nationality of another country renouncing their Indian citizenship. Such People of Indian Origin can obtain OCI book which allows them to travel, stay and work in India indefinitely. However, they do not enjoy some fundamental rights like Contesting for Public office and buying Agricultural property, etc.PIO: People of Indian Origin: It is similar to OCI but OCI overrides PIO now. As per the latest amendments, all PIO books are converted to OCI. PIO had lesser privileges compared to OCI with respect to stay and work in India and purchase of immovable assets, etc.

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