B Com Exam > B Com Notes > Public Finance > Concept, Nature and Characteristics of Taxation and Taxes - Public Finance
Concept, Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com PDF Download
Concept, Nature and Characteristics of Taxation and Taxes.
Meaning of Taxation
Taxation is the inherent power of the state, acting through the legislature, to impose and collect revenues to support the government and its recognized objects. Simply stated, taxation is the power of the State to collect revenues for public purpose.
Purpose of Taxation
Primary Purpose - is to provide funds or property with which the government discharges its appropriate functions for the protection and general welfare of the its citizens.
Non Revenue Objectives
Aside from purely financing government operational expenditures, taxation is also utilized as a tool to carry out the national objective of social and economic development.
- to strengthen anemic enterprises by granting them tax exemptions or other conditions or incentives for growth;
- to protect local industries against foreign competition by increasing local import taxes;
- as a bargaining tool in trade negotiations with other countries;
- to counter the effects of inflation or depression;
- to reduce inequalities in the distribution of wealth;
- to promote science and invention, finance educational activities or maintain and improve the efficiency of local police forces;
- to implement police power and promote general welfare.
Question for Concept, Nature and Characteristics of Taxation and Taxes - Public FinanceTry yourself: What is the primary purpose of taxation?View Solution
Meaning of Taxes
Taxes are enforced proportional contributions from persons and property levied by the lawmaking body of the state by virtue of its sovereignty for the support of the government and all public needs.
Tax in a general sense, is any contribution imposed by the government upon individuals for the use and service of the state, whether under the name of toll, tribute, impost, duty, custom, excise, subsidy, aid, supply or other name. Tax, in its essential characteristics , is not a debt.
Essential characteristics of tax.
- it is an enforced contribution
- it is generally payable in money.
- It is proportionate in character, usually based on the ability to pay
- it is levied on persons and property within the jurisdiction of the state
- it is levied pursuant to legislative authority, the power to tax can only be exercised by the law making body or congress
- it is levied for public purpose
- it is commonly required to be paid a regular intervals.
The document Concept, Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com is a part of the B Com Course Public Finance.
All you need of B Com at this link: B Com
|
37 videos|35 docs|15 tests
|
FAQs on Concept, Nature and Characteristics of Taxation and Taxes - Public Finance - Public Finance - B Com
| 1. What is taxation? |  |
Ans. Taxation refers to the process of collecting a mandatory fee or a charge from individuals, organizations, or businesses by the government to fund public goods and services. Governments use taxation to finance public services such as education, healthcare, infrastructure, defense, and other social welfare programs.
| 2. What are the different types of taxes? | |
Ans. There are various types of taxes levied by the government, which include income tax, corporate tax, sales tax, property tax, excise tax, customs duty, and value-added tax (VAT). These taxes are collected by the government to fund public services and to regulate the economy.
| 3. What are the characteristics of taxation? | |
Ans. The characteristics of taxation are as follows: (i) It is an obligatory payment imposed by the government on individuals, businesses, and organizations; (ii) It is a non-voluntary payment, i.e., people have to pay it whether they like it or not; (iii) It is a proportional payment, i.e., people have to pay taxes based on their income or property; (iv) It is a continuous payment, i.e., people have to pay taxes regularly; (v) It is a universal payment, i.e., everyone who meets the criteria has to pay taxes.
| 4. What is the purpose of taxation? | |
Ans. The main purpose of taxation is to raise revenue for the government to fund public goods and services. It is an effective way for the government to redistribute wealth and reduce income inequality. Taxation also helps the government to regulate the economy by encouraging or discouraging certain activities and behaviors.
| 5. How does taxation affect the economy? | |
Ans. Taxation has a significant impact on the economy. High tax rates can discourage investment, saving, and consumption, while low tax rates can encourage economic growth and development. Taxation can also affect income distribution, as it can be used to redistribute income from the rich to the poor. Additionally, taxation can be used to regulate certain industries and to address externalities such as pollution.
Related Exams
About this Document
|
19.7K Views |
|
4.70/5 Rating |
|
Nov 23, 2024 Last updated |
Document Description: Concept, Nature and Characteristics of Taxation and Taxes - Public Finance for B Com 2024 is part of Public Finance preparation.
The notes and questions for Concept, Nature and Characteristics of Taxation and Taxes - Public Finance have been prepared according to the B Com exam syllabus. Information about Concept, Nature and Characteristics of Taxation and Taxes - Public Finance covers topics
like and Concept, Nature and Characteristics of Taxation and Taxes - Public Finance Example, for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Concept, Nature and Characteristics of Taxation and Taxes - Public Finance.
Introduction of Concept, Nature and Characteristics of Taxation and Taxes - Public Finance in English is available as part of our Public Finance
for B Com & Concept, Nature and Characteristics of Taxation and Taxes - Public Finance in Hindi for Public Finance course.
Download more important topics related with notes, lectures and mock test series for B Com
Exam by signing up for free. B Com: Concept, Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com
Description
Full syllabus notes, lecture & questions for Concept, Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com - B Com | Plus excerises question with solution to help you revise complete syllabus for Public Finance | Best notes, free PDF download
Information about Concept, Nature and Characteristics of Taxation and Taxes - Public Finance
In this doc you can find the meaning of Concept, Nature and Characteristics of Taxation and Taxes - Public Finance defined & explained in the simplest way possible. Besides explaining types of
Concept, Nature and Characteristics of Taxation and Taxes - Public Finance theory, EduRev gives you an ample number of questions to practice Concept, Nature and Characteristics of Taxation and Taxes - Public Finance tests, examples and also practice B Com
tests
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
study material
,ppt
,past year papers
,mock tests for examination
,shortcuts and tricks
,Objective type Questions
,Concept
,Sample Paper
,Extra Questions
,Summary
,Semester Notes
,Previous Year Questions with Solutions
,video lectures
,Exam
,Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com
,Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com
,Viva Questions
,Important questions
,Concept
,MCQs
,Concept
,Free
,Nature and Characteristics of Taxation and Taxes - Public Finance | Public Finance - B Com
,practice quizzes
;
Additional Information about Concept, Nature and Characteristics of Taxation and Taxes - Public Finance for B Com Preparation
Concept, Nature and Characteristics of Taxation and Taxes - Public Finance Free PDF Download
The Concept, Nature and Characteristics of Taxation and Taxes - Public Finance is an invaluable resource that delves deep into the core of the B Com exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Concept, Nature and Characteristics of Taxation and Taxes - Public Finance now and kickstart your journey towards success in the B Com exam.
Importance of Concept, Nature and Characteristics of Taxation and Taxes - Public Finance
The importance of Concept, Nature and Characteristics of Taxation and Taxes - Public Finance cannot be overstated, especially for B Com aspirants.
This document holds the key to success in the B Com exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Concept, Nature and Characteristics of Taxation and Taxes - Public Finance Notes
Concept, Nature and Characteristics of Taxation and Taxes - Public Finance Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Concept, Nature and Characteristics of Taxation and Taxes - Public Finance.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Concept, Nature and Characteristics of Taxation and Taxes - Public Finance Notes on EduRev are your ultimate resource for success.
Concept, Nature and Characteristics of Taxation and Taxes - Public Finance B Com Questions
The "Concept, Nature and Characteristics of Taxation and Taxes - Public Finance B Com Questions" guide is a valuable resource for all aspiring students preparing for the
B Com exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Concept, Nature and Characteristics of Taxation and Taxes - Public Finance on the App
Students of B Com can study Concept, Nature and Characteristics of Taxation and Taxes - Public Finance alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Concept, Nature and Characteristics of Taxation and Taxes - Public Finance,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Concept, Nature and Characteristics of Taxation and Taxes - Public Finance is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup