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Taxation

Taxation. Definition of Tax. Tax is a compulsory levy imposed by the government. People pay taxes to the government on the basis of what they earn, what they own, and what they purchase.

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Taxation

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  1. Taxation

  2. Definition of Tax • Tax is a compulsory levy imposed by the government. People pay taxes to the government on the basis of what they earn, what they own, and what they purchase. • “Taxes are compulsory payment to government without expectation of direct return in benefit to that tax payer.”- Taylor

  3. Characteristics of tax • The main characteristics of tax are: • Tax is non-penal. • It is not fine. It is imposed without any certain purpose. • It is paid without any expectation of direct benefit. • It is compulsory payable by the persons. People are bound to pay tax if it is imposed. • It is a most important fiscal mechanism of transferring private property to state property. • It is a source of revenue. It is the prime source of revenue for the government.

  4. Objectives of Tax Government needs revenue for defense, administrative and development activities. • Collection of Revenue No Government can run it’s administrative and perform development works without collecting tax as a source of revenue. Thus the main importance of tax is the collection of revenue. • Redistribution of income Through taxation and various techniques under it, Govt. endeavors to the redistribution of income. This has yielded positive result. • Economic Control To guide the economic in desired direction.

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