Advertisements
Advertisements
Question
State any three characteristics of taxation.
Solution
Characteristics of Tax:
A tax is a compulsory payment made to the government. People on whom a tax is imposed must pay the tax. Refusal to pay the tax is a punishable offense. There is no quid pro quo between a taxpayer and public authorities. This means that the taxpayer cannot claim any specific benefit against the payment of a tax. Every tax involves some sacrifice on part of the taxpayer. A tax is not levied as a fine or penalty for breaking law.
APPEARS IN
RELATED QUESTIONS
The tax possesses the following characteristics ______.
Which of the following canons of taxation was not listed by Adam smith?
The direct tax has the following merits except for ______.
Which of the following is a direct tax?
Which of the following is not a tax under the Union list?
Consider the following statements and identify the correct ones.
- The central government does not have exclusive power to impose a tax that is not mentioned in the state or concurrent list.
- The Constitution also provides for transferring certain tax revenues from union list to states
Differentiate tax and fee.
Give two examples for direct tax.
What are the components of GST?
Describe canons of Taxation.
Point out any three differences between direct tax and indirect tax.
Bring out the merits of indirect taxes over direct taxes.
