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Published byMariah Cobb Modified over 9 years ago
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A. Tax Revenue Compulsory – Cannot Refuse – Incomes & Commodities Direct Taxes Indirect Taxes
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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%
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Reduce income inequalities Progressive in nature Certainty Elastic & productive
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Indirect Tax Custom Duties – Import or Export duties. Excise Duties – Production Sales Tax – Business Transactions Service Tax – on services Regressive – Uncertain – Maximum revenue
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Non-Tax Revenue Sources – 1.Administrative revenue 2.Profits of Govt. enterprises 3.Gifts and Grants
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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
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2.Profits of Govt. Enterprises - Railways, telephones
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3. Gifts and Grants Gifts – Voluntary Contributions – during war & emergency. Grants – One Govt. to another Foreign aid – Military aid, food aid, technological aid.
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