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 [...]
After reading this article you will learn about the subjective and objective approach used for measuring the ability to pay. Subjective Approach to Measure the Ability to Pay: The ability to pay principle is interpreted in terms of sacrifice on the part of the taxpayers. Payment of tax involves some sacrifice on the part of the taxpayers. Each taxpayer should [...]
After reading this article you will learn about the shifting process of various taxes. 1. Taxes on Income: The individual income tax apples to earnings originating in all sectors of the economy. Taxes on income are of two types. Firstly taxes on the net income of individuals and secondly taxes on net income of business firms. That is taxed on [...]