PUBLIC REVENUE / INCOME OF GOVERNMENT :-
Any public authority or government needs income for the performance of a variety of functions and meeting its expenditure. The income of the government through all sources is called public income or public revenue. According to Dalton, public income can be classified as Public Revenue and Public Receipts.
Public Revenue :-
Public revenue refers to income of a government from all sources raised, in order to meet public expenditure. Public revenue consists of taxes, revenue from administrative activities like fines, fees, income from public enterprises, gifts and grants.
Public Receipts :-
It includes public revenue plus the receipts from public borrowings, the receipts from sale of public assets and
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Here various exemptions and deductions are allowed. At present, male and female tax payers (below 60 years) are exempted from income tax upto Rs. 1,80,000 and Rs. 1,90,000 respectively. Senior citizens are exempted upto Rs. 2,50,000. In 2009-10 in absolute terms, personal income tax revenue of Central Government was estimated at about Rs. 1,22,280 crore.
b) Corporate Tax :- Corporate Tax is levied on taxable income of registered corporate firms. Under various sections of Income Tax Act, exemptions and deductions are allowed. At present corporate tax rate for domestic companies is 30% + Surcharge and for foreign companies in India it is 40% + Surcharge. In 2009-10, in absolute terms corporate tax revenue of Central Government was estimated at about Rs. 2,44,630 crore.
c) Other Direct Taxes :- There are various other direct taxes & their share is negligible. For eg :- Interest tax, wealth tax, estateduty, expenditure tax etc. 1) Indirect Taxes :- It includes
a) Customs Duty
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In 2009-10, the non & tax revenue contributed was about 22% of total revenue of Central Government and 2% of GDP. The main sources of non & tax revenue are as follows 1) Administrative Revenues :- The government gets revenue from public for administrative work in following forms :- a) Fees :- A fee is charged by the public authorities for rendering service to the members of public. There is no compulsion involved in case of fees. For Eg. Fees charged for issuing licenses, passports, registrations, filing of court cases etc. In case of fees there is some sort of quid-pro-quo. b) Fines And Penalties :- Fines or penalties are imposed as a form of punishment for breach of law or non & fulfillment or failure to observe some regulations. Fines are compulsory payments without quid-pro-quo. For Eg. fines are imposed for rash driving, not disclosing taxable income, travelling without tickets etc. c) Special Assessment Of Betterment Levy
Plain and simple, fines are defined as an amount of money demanded as a form of charge by a court of law or other source of authority. Fines are given out to act as a way for the offender to “pay back” society and to also ensure they show up to where they need to show up at. , such as trial. The deciders of the fine and distributer of it comes down to the court, whether it be federal or state. One of the benefits of fines, as previously mentioned, is the assurance that the offender will show up to their case. Another would be it’s presence as a deterrent, because no one wants to willingly give up money for making a wrong decision. An important factor to also mention about fines is their ability to vary in amount based on the crime, which allows it to be a very malleable and widely used as a form of
The other point on which leaders reacted as one of the challenges was the financial constraint to facilitate instruments for property valuation, to pay compensation for the expropriated people. The researcher identified that, the Municipality and Land Development and Management did not identified effective use of source of revenue. But, first of all, the broad source budget should be identified. These are the internal and external revenue source. The internal income sources are the most decisive financial support levers accessible to a municipality because without effective, predictable generation of internal revenues, it will be impossible to attract new, external sources of funding (Anand Sahasranaman & Vishnu Prasad, 2014). External financial supports will be available to municipalities only on the basis of the internal revenues they generate now and are
To understand this compromise, there needs to be a basic understanding of the United States current tax code, more specifically in this situation the federal income tax code. The income tax makes up 46 percent of the federal governments three trillion dollar internal revenue, that is 1.38 trillion dollars (.N.p.).
(2)No Indian or band is subject to taxation in respect of the ownership, occupation, possession or use of any property mentioned in paragraph (1)(a) or (b) or is otherwise subject to taxation in respect of any such property.
Taxes are one of the most controversial, yet important factors that contribute to a successful and stable government. Taxes are defined as, "a contribution to state revenue, levied by the government on workers' income or profits or they are added to the costs of goods and services." These taxes help fund many government operations and they truly keep our country and government running. Taxes are often opposed and many people just don't see the need for them.
The government’s revenue comes from taxes. When the economy is doing well, the money keeps moving within the economy. The more transactions within the economy, the more revenue the government can make. This is the case with sales taxes and other trade and commerce related taxes. The government also takes in much of its revenue from property taxes. If the economy is doing well it is likely that more citizens will own property instead of rent. When the economy is not doing well, the money stops moving and the government may not collect as many taxes.
Taxation has always been a major controversy. Just like any major corporation, the government is constantly looking to raise revenue. The easiest and fairest way to do this is by taxing the people. However, how the people will be taxed is always an issue.
There are several types of punishment that can be inflicted upon an offender including, fines, community sanctions and imprisonment (The Judicial Conference of Australia, 2007). Punishment is described as a sanction which inflicts a certain amount of pain and loss on the offender, used for payback and deter (The Judicial Conference of Australia, 2007; Carlsmith, Darley, & Robinson, 2002). There are three ways society justifies punishing offenders, through the
According to the JLJ Group (2013), with the implementation of a new income tax law from January 1st 2008, companies who previously enjoyed reduced tax rates saw their income tax rate gradually rise to the standard 25% by 2012.That is to say, companies would not enjoy the precious preference tax treatment any more. In other words, the tax rates change depends on the unpredictable market.
The use of taxes is one of the government's favorite ways to make its presence known in the economy. While this method seems blatantly obvious, many of the ways the government uses the money collected by taxation is not. Some of the money it takes is used to fund other programs designed to "protect" consumers and to "create" jobs. Be...
The four types of taxes this paper will discuss are income tax, sales tax, property tax, and user fees. Income tax was not permanently established until the 16th Amendment was passed in 1913. Most federal taxes had been previously derived from excise taxes on tobacco and alcohol and other consumer goods. The US Constitution, when written and still continues to, legitimize taxation in the United States through Article I, Section 8, that Congress has the power to lay and collect taxes, duties et al, pay the debts or provide for the common defense and general welfare of the United States (Cornell Law LII). Investopedia defines income tax as ‘a tax government(s) impose on financial income generated by all entities within their jurisdictions (Investopedia, 2014). Businesses and individuals are required to file an income tax return every year to determine if they owe taxes or qualify for a refund. That is determined by measuring the total income one earns to a designated tax rate, calculating one’s taxable income, which are some or all items of income reduced by other adjustments or expenses in that tax year. There are different subcategories of income tax; there is a federal income tax that is set by the federal government, apart from a few states, there is a state income tax that is imposed on their respective residents, as well as the possibility of there being local income tax ...
Revenue collection for the government. This will provide for the administrations, internal and external defense, maintenance of laws and order as well as social services that the government provides.
Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks. Taxes are also used to fund many types of government programs that help the poor and less fortunate, as well as many schools (Wonderopolis, 2016).
Allan, Ian J., Revenue Collection Administration, A Guide for Smaller Governments. Chicago: Government Finance Officers Association, 1993.
According to David Garland, punishment is a legal process where violators of the criminal law are condemned and sanctioned with specified legal categories and procedures (Garland, 1990). There are different forms and types of punishment administered for various reasons and can either be a temporary or lifelong type of punishment. Punishment can be originated as a cause from parents or teachers with misbehaving children, in the workplace or from the judicial system in which crimes are committed against the law. The main aim of punishment is to demonstrate to the public, the victim and the offender that justice is to be done, to reduce criminal activities and to deter people from wanting to commit any form of crime against the law. In other words it is a tool used to eliminate the bad in society or to deter people from committing criminal activities.