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Principle of Taxation Notes

Basic Concept of Taxes

The basic concept of taxes revolves around the collection of funds by the government from individuals and businesses to finance public expenditure and provide...

Scope of Tax Laws

The scope of tax laws refers to the range and coverage of legal provisions that govern the imposition, administration, and collection of taxes. It...

Types of Taxes

There are various types of taxes imposed by governments to generate revenue. The specific types of taxes can vary between countries, but here are...

Difference between Direct and Indirect Taxes

Direct Taxes Direct taxes are the taxes that you pay directly to the government based on your income, wealth, or property. These taxes are calculated...

Difference between Capital Receipt and Revenue Receipt

Capital Receipt Capital receipt refers to money received by a company or organization that affects its capital (such as funds for investment or changes in...

Difference between Capital Expenditure and Revenue Expenditure

Capital Expenditure Capital expenditure refers to the money a company spends on long-term investments that will benefit the business over an extended period. It...

Important Definition under Principles of Taxation

Person In the context of taxation, a person refers to an individual, Hindu Undivided Family (HUF), company, firm, association of persons (AOP), body of individuals...

Distribution of Tax Resources between Union and State

The distribution of tax resources between the Union government and the state governments in India is governed by the provisions outlined in Article 268...

Residential Status

Residential status plays a significant role in determining the tax liability of an individual or entity in a particular country. In India, the residential...

Constitution of Finance Commission

The Constitution of India provides for the establishment of a Finance Commission through Article 280. The Finance Commission is a constitutional body responsible for...

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