News By/Courtesy: Ujjwal Shikhar | 03 Jun 2020 17:02pm IST

HIGHLIGHTS

  • Meaning of tax.
  • Functions of tax.
  • Tax law in India.

A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization to fund government spending and various public expenditures. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. The legal definition and the economic definition of taxes differ in some ways such as economists do not regard many transfers to governments as taxes. The levying of taxes aims to raise revenue to fund governing or to alter prices to affect demand. States and their functional equivalents throughout history have used the money provided by taxation to carry out many functions. Researchers state that tax and tax reliefs have also been used as a tool for behavioral change, to influence investment decisions, labor supply, consumption patterns, and promotion of economic growth and development.
Tax law is a body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property. The power to impose taxes is generally recognized as the right of governments. The tax law of a nation is generally unique to it, although there are similarities and common elements in the laws of various countries. Tax law is concerned only with the legal aspects of taxation, not with its financial, economic, or other aspects. Tax law falls within the domain of public law, the rules that determine and limit the activities and reciprocal interests of the political community and the members composing it. The development of tax law as a comprehensive, general system is a recent phenomenon. The principal reason for this is that no general system of taxation existed in any country before the middle of the 19th century. The Proactive phenomenon of wealth erosion requires the considered construction and ongoing review of legal and tax arrangements. One of the most significant developments of the present century is the growth in the legislative powers of the executives. Though taxation is an essential legislative function, it can also be delegated to executive authority.
THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GuaRANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.

Section Editor: Pushpit Singh | 04 Jun 2020 5:08am IST


Tags : Tax and legal

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