This report covers the basics of Information Technology and its importance in modern world. It discusses different types of software, their importance and interdependence with hardware. It also highlights ethical and social issues related to IT and their impact on businesses. The report further explores the role of ICT in making businesses more efficient and effective in responding to customer needs. The impact of internet and intranet on businesses and the role of IT in helping managers to manage businesses are also discussed. The report is relevant for students studying IT and related courses.