Class notes
Class notes 23CPU01
- Course
- Institution
It is a gives a clear informtion about taxation and its functions of government and the financial year "Happy Learning"
[Show more]
Seller
Follow
legiondeepak
Content preview
Importance of Income Tax:Income tax is a crucial source of revenue for the
government, enabling it to finance various public
expenses and services. Here are some of the
reasons why income tax is important:
Source of Revenue for the Government
Income tax is one of the primary sources of
revenue for the government. The revenue
generated through income tax is used to finance
various public services, infrastructure
development, and social welfare programs. It also
helps the government to manage its fiscal deficit.
The Income-tax System:
The income-tax system is a method through
which the government collects taxes from
individuals and businesses based on their income.
The system is progressive, which means that the
tax rate increases as the income level rises. It is
essential to understand how the income-tax
system works to ensure compliance with tax laws
and regulations.
Financial Year and Assessment Year:
The financial year is the period during which
income is earned, and the assessment year is the
period during which the income earned during
the financial year is assessed and taxed. The
financial year in India begins on April 1 and ends
on March 31, while the assessment year begins
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller legiondeepak. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72964 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now