Taxation Assignment Help- A one stop solution for all your taxation assignments

Taxation Assignment Help- Introductory Paragraph

Talking of the dictionary or literal meaning of Taxation one can define it as levying of tax or the act of imposing tax where tax refers to the money paid to the government. It means imposing mandatory taxes on individuals or different entities by the Government. Taxes are collected from the citizens based on their earnings/income.

Major Purpose of Taxation

Highlighting one of the key purposes of levying taxes on different entities is to raise revenue for the different government expenditures such as education, health, defence. For instance For generating more jobs, reduction in the taxable personal income with the amount being paid as interest on home mortgage loans would, in turn, result in increased construction activities.

Taxation Definition from different perspectives

Different economists such as Adams, Bastable, Seligman, Taussing, Dalton etc, have defined tax holding a unanimous opinion that “the tax is a compulsory payment to the Government by taxpayer without any expectation of some specified return.”

Listing a few definitions by experts to give our students a better view and understanding of how has the concept eventually evolved.

In purview of the above statement Adams states that, “A tax is a contribution from citizens for the support of the state.”

P. E. Taylor defines tax as “A compulsory payment to Government without expectation of direct return in benefit to the taxpayer is known as tax.”

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Deducing key points from the given definitions

On reading the definitions one aspect that comes out clearly is that Tax is compulsory. This does not imply that the tax has to be paid unwillingly but the will of the payer plays no role or can be called immaterial.

Secondly, all taxation is imposed on people. This simply tells us that payment of taxation is a duty and persons are bound to complete those duties.

One noteworthy aspect of Taxation is for the Public Powers, which means that it is expected that taxation would help meet both local and central government wants.

Objectives of Tax Policy

Tax policies have four main objectives which are as follows:

1. Simplicity

By simplicity, we mean that there should be easy compliance by the taxpayer and implementation by the revenue authorities.

2. Efficiency

Efficiency refers to least or minimal interference of taxation in the choices made by people in private market place.

3. Fairness

Fairness means equity, it aims that all the taxpayers pay equal taxes and the ones those are better off pay more.

4. Revenue sufficiency

Revenue Sufficiency is one aspect that comes across as quite important. It refers to the adequate reserve of revenue.

Principles of taxation

The principles of taxation include

1. The taxpayers should be benefitted from the services;
2. The taxes paid should be in proportionate to the benefits received.

Types of Taxes every Indian pays

We highlight the broader categories of taxes paid by every Indian.

1. Direct tax

Direct taxes are the taxes which are directly paid by the individuals and organisations to the Government of India.

2. Indirect Tax

Indirect Tax is the tax which is incurred indirectly by the Government.

3. Goods and Services Tax (GST)- One tax , One Nation

It is an indirect tax which is imposed in India on the supply of goods and services. It is divided into the slabs of 5%, 12%,18% and 28%.

Importance of Taxation

The entire concept of taxation is important because the Government can use the funds received back in the economy either in the form of loans of other funding forms.

Secondly, taxes help to increase the standard of living of its citizens which in turn help to augment the consumption. Thus, taxes play a crucial and every citizen is expected to gain benefits from it.

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Conclusion

This was just a preview of how complex Taxation is. In addition, the flow of concepts exhibits the clarity of ideas we focus on. We emphasise on making concepts easier to understand.

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