Tax & its types Tax is a compulsory levy which government imposed on us and we are bound to pay from personal obligation without expecting of any return of service or good from the government . Tax is a public revenue. There are small distinctions between public revenue and public receipt .Public revenue is a narrower concept than public receipt. Public revenue includes income from tax, administrative revenue, tax on goods and services, gifts and grants etc.While public receipt include income from all sources, like borrowing, income from sell of asset etc. Public receipt=public revenue+income from all other sources+public borrowing from bank+income of the sale of public asset etc. Public revenue is divided in to two parts . Tax revenue and Non tax revenue. (A) Tax revenues are 1) Tax on income, expenditure tax, corporation tax and all other taxes related to income. 2) Gift and grant tax, estate duty, wealth taxes are considered as property tax. ...
Current Economic related issues which is mainly based on theoretical approaches with the related present issues of the country .Helpful to know the inner economics of the decisions which has taken by the government for development.