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Title of Taxetion

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TAXATION Aparna CONTENTS           Public Finance Public Revenue Taxation Objectives of taxation Canons of taxation Classification of taxation Individual Income tax rates in India Exemptions and Deductions from tax Conclusion References  What is Public Finance? According to Dalton,’ Public finance is the branch of knowledge which is concerned with the income and expenditure of public authorities and with the adjustment of one to another.’ It deals with the study of revenue and expenditure of the government at the centre, state and local bodies. The public authorities have to perform various functions such as maintenance of law an order, provision of defence, production for bringing in economic development. The performance of these functions require large amount of funds which is raised through taxes, fees, fines, commercial revenues and loans.  Public Revenue This is one of the branches of public finance. It deals with the various sources from which the state might derive its income. These sources include incomes from taxes, commercial revenues in the form of prices of goods and services supplied by public enterprises, administrative revenues in the form of fees, fines etc and gifts and grants. Difference between Public revenue and Public receipts Public revenue includes that income which is not subject to repayment by the government. Public receipts include all the income of the government including public borrowing and issue ...
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