A. Tax Revenue Compulsory – Cannot Refuse – Incomes & Commodities Direct Taxes Indirect Taxes.

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Presentation transcript:

A. Tax Revenue Compulsory – Cannot Refuse – Incomes & Commodities Direct Taxes Indirect Taxes

Direct Taxes – Tax-payer & Tax bearer Income Tax, Corporate Tax, Wealth Tax, Gift Tax 1 lakh to 5 lakh – 10% 5 lakh to 8 lakh – 20% Above 8 lakh – 30%

Reduce income inequalities Progressive in nature Certainty Elastic & productive

Indirect Tax Custom Duties – Import or Export duties. Excise Duties – Production Sales Tax – Business Transactions Service Tax – on services Regressive – Uncertain – Maximum revenue

Non-Tax Revenue Sources – 1.Administrative revenue 2.Profits of Govt. enterprises 3.Gifts and Grants

1.Administrative Revenue  Fees – on services court fees, passport fees, license fees.  Fines & penalties – on offenders of laws as a punishment  Special Assessment – Betterment levy on property  Escheat – A person dies without any legal heirs or will

2.Profits of Govt. Enterprises - Railways, telephones

3. Gifts and Grants Gifts – Voluntary Contributions – during war & emergency. Grants – One Govt. to another Foreign aid – Military aid, food aid, technological aid.