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Classification of Taxes - Public Revenue, Public Finance Video Lecture | Public Finance - B Com

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FAQs on Classification of Taxes - Public Revenue, Public Finance Video Lecture - Public Finance - B Com

1. What is the definition of public revenue in the context of taxes?
Ans. Public revenue refers to the income or funds generated by the government through various sources, including taxes, fees, fines, and other forms of public income. It is used to finance public expenditure and fund government operations and services.
2. What is the difference between direct and indirect taxes?
Ans. Direct taxes are levied directly on individuals or entities and cannot be transferred to others. Examples include income tax and property tax. Indirect taxes, on the other hand, are imposed on goods and services and can be passed on to consumers. Examples include sales tax and value-added tax (VAT).
3. How are taxes classified based on their nature?
Ans. Taxes can be classified into progressive, proportional, and regressive taxes based on their nature. Progressive taxes have higher rates for higher income levels, proportional taxes have a constant rate regardless of income, and regressive taxes have a higher burden on lower-income individuals.
4. What is the significance of public finance in relation to taxes?
Ans. Public finance is the study of how governments collect and spend money. It encompasses various aspects, including taxation, public expenditure, and fiscal policies. Taxes play a crucial role in public finance as they are the primary source of government revenue and help finance public goods and services.
5. What are the different types of taxes that contribute to public revenue?
Ans. There are several types of taxes that contribute to public revenue, including income tax, corporate tax, sales tax, excise tax, property tax, and customs duties. Each type of tax has its own specific rules and regulations, and they collectively contribute to the government's revenue pool.
37 videos|35 docs|15 tests
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