After reading this article you will learn about:- 1. Definition and Characteristics of Tax 2. Objectives of Taxation 3. Principles. Definition of Tax: In every country major part of the revenue is raised through taxation. According to Prof. Taylor "Taxes are compulsory payments to governments without expectations of direct return or benefit to the tax payer". Prof. Bastable "defined a [...]
After reading this article you will learn about the meaning and classification of public revenue. Meaning of Public Revenue: According to Dalton income of a public authority may be defined either in a broad or in a narrow sense. In the broad sense it includes all 'incomings' or 'receipts'. In the narrow sense it includes only those receipts which are [...]
Dalton discusses the economic effect of taxation under the following three heads: 1. Effect of Taxation on Production, 2. Effect of Taxation on Distribution 3. Other Effects. 1. Effect of Taxation on Production: According to Dalton effect of taxation on production can be in the following three ways: (a) Effect on ability to work, save and invest. (b) Effect upon [...]