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Income tax expenditure tax

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INCOME TAX & EXPENDITURE TAX SUBMITTED BY – SHRADDHA SHARMA M.A.PREVIOUS YEAR, ECONOMICS Vasanta College for Women, Affiliated to Banaras Hindu University INTRODUCTION  Tax is a primary source of income for the government.  It is a compulsory payment levied on the persons or companies to meet the expenditure incurred by the people of a country.  Fulfils – welfare scheme & projects etc.  Types of taxes – taxes can be classified under many sub – headings. Broadly they can be classified as direct and indirect taxes. DIRECT AND INDIRECT TAX  Paid directly by the  It is collected by a individual  Burden of tax cannot be shifted  Impact and incidence on the person paying the tax  Example are – income tax, expenditure tax, property tax, taxes on assets etc. producer or retailer and then pad to government  Burden of tax is shifted to the buyer  Impact and incidence on another person  Example are – commodity tax, VAT, entertainment tax etc. INCOME TAX  Charged on the total income of every person  It is an example of direct tax  H.Simons, “ there are two major components of income, i.e, what is consumed during a period and increase in net wealth”  I.e. , Y = C+ ∆ W  Broad classification of income taxes – Features of income tax  Categories of taxpayers – individuals, Hindu Undivided Families (peculiar in India), companies – public or private, local authorities, firms & partnerships, and associ ...
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