The document discusses the major and minor sources of revenue for the government. Major sources include taxes and prices, while minor sources are fees, special assessments, rates, fines, tributes, and indemnities. It then defines different types of taxes - direct and indirect taxes, proportional, progressive, regressive, and degressive taxes. It also defines prices, fees, special assessments, rates, fines, tributes, indemnities and other principles of taxation including equality, sacrifice, certainty, convenience, economy, fiscal adequacy, elasticity, flexibility, diversity, and neutrality.

1. MADE BY
MANISHA DUHAN (RLBCAU002)

2. This is the revenue accured by the govt from
different sources
MAJOR SOURCES: taxes ,prices
MINOR SOURCES: fee, special assesment,
rates, fines, tributes and indemnities.

3.  TAXES(direct;indirect;proportional;progressive;
regressive;degressive;specific;advalorem;value
added taxes)
 PROPORTIONAL: one in which same
percentage is leived as tax irrespective of tax
base on the size of the income.
 PROGRESSIVE :rate of tax increases as taxable
income increases e.g income tax
 REGRESSIVE:when it affect poor more than the
rich e.g all commodity tax

4.  DEGRESSIVE :when the tax is mildly
progressive, but not steep a tax is progressive
only to certain limit ,after which it is uniform
leived.
 DIRECT: taxes directly paid by persons ;
incidence and impact is on the same person.
 INDIRECT: indirectly paid by the consumer
through the dealer; incidence is on one person
and impact is on other persons e.g sales tax
,commodity tax.

5.  SPECIFIC: amount depend on the commodity
purchased.
 VALUE ADDED TAX(VAT):a tax levied on the
value of each of the processes carried out by a
business is called VAT.
 ADVALOREM TAXES: amount depend on
value of commodity.

6.  When the public authorities sell a commodity
or render a service to the consumer who avails
or buys the commodity on a charge is called
price.
 E.g-railway fares ;bus charges; electricity
tarrifs; water cess

7.  FEE : defined as compulsory contribution of
money paid by the persons ,corporations ,etc
under the authority of public power(charge
imposed to specific services)
 SPECIAL ASSESMENT : compulsory
contribution levied on person in proportion to
specific benefit derived e.g-a special benefit tax
is imposed on the people in watershed area.

8.  RATES: taxes by local bodies on people for
local purposes these are generally levied on
immovable objects like buildings etc.
 FINES: these are the penalties imposed on
persons for infringement of laws or breakdown
of laws.
 ESCHEAT :a individual died without any
successor then his property will go to the state
govt.

9.  TRIBUTES : paid by conquered countries
 INDEMNITIES : paid by any country due to
damage done in war.
 GRANTS : higher level bodies grant fund to
lower level bodies which is nonrefundable.
 GIFTS : given by foreign country to domestic
country or state as relief work(disaster)
 DONATIONS : given for individual for specific
purposes.

10.  EQUALITY: every tax payer pay same rate of
taxation but not the same amount .it is sort of
proportional tax.
 SACRIFICE: amount of tax paid in proportion
to respective abilities(income level).points to
progressive taxation.
 CERTAINITY :time ;manner and amount is
clear to payer. uncertainity in taxation leads to
corruption and insolence

11.  CONVENIENCE: levied at the time and
manner in which tax payer want to pay e.g tax
on commodity along with the price.
 ECONOMY : collecting tax should be small
and economical e.g raw material tax should be
low and drugs, intoxicants should be high.

12.  FISCHAL ADEQUACY : tax should cover govt
expenditure , govt should not be deficit.
 ELASTICITY : tax should be enough to meet
stress and emergency condition.
 FLEXIBILITY : tax should be adjustible to new
demands.
 DIVERSITY : few taxes imposed rather than a
single largest tax.
 NEUTRALITY : it should fight against inflation
during normal year it should be balanced
budget.