Notes and Study material for Exams
Tax Expenditures: Hidden Subsidies in Plain Sight Tax expenditures, often referred to as “tax breaks” or “tax loopholes,” are provisions in the tax code that reduce tax liability for specific individuals, businesses, or industries. They deviate from the standard tax system by offering preferential treatment, effectively providing a subsidy through the tax system. While seemingly … Read more
Highlights of current year’s union budget and its analysis Highlights of the budget,2019 Income up to Rs 5 lakh exempted from Income tax Standard deduction raised to Rs 50,000 from Rs 40,000 Direct Tax proposals to provide Rs 23,000 cr relief to 3 crore taxpayers Persons with gross income up to Rs 6.50 lakh not … Read more
The Shifting Sands of Tax Revenue: A Global Perspective on Distribution and Trends The collection and distribution of tax revenue is a fundamental pillar of any modern economy. It fuels public services, infrastructure development, and social welfare programs, ultimately shaping the lives of citizens. Understanding the distribution of tax revenues across different sectors and regions … Read more
The Indian constitution provides for a federal framework with powers (legislative ,executive and financial) divided between the center and the states. However, there is no division of judicial power as the constitution has established an Integrated Judicial System to enforce both the central laws as well as state law. The Indian federation is not the … Read more
Navigating the Labyrinth: A Comprehensive Guide to Financial Bills Financial bills are the lifeblood of any economy, shaping the landscape of investment, spending, and economic growth. From regulating financial institutions to managing public debt, these bills play a crucial role in shaping the financial well-being of individuals, businesses, and nations. This comprehensive guide delves into … Read more
Part C Accounting and Auditing; Budgetary Control: Definition: Budgetary control is the process by which budgets are prepared for the future period and are compared with the actual performance for finding out Variance. Obj. of BC: Define the objectives of the organisation Providing plans to achieve the objectives Coordinating the activities of various departments … Read more
Charged Expenditure: Understanding the Dynamics of Public Spending Charged expenditure, a significant component of public finance, refers to government spending that is not subject to the annual budgetary process. Unlike voted expenditure, which requires parliamentary approval each year, charged expenditure is automatically allocated based on pre-existing legislation or contractual obligations. This article delves into the … Read more
Current Account deficit and Unfavorable Balance of Payment Current Account Deficit The current account deficit is a measurement of a country’s trade where the value of the goods and Services it imports exceeds the value of the products it exports. The current account includes net income, such as interest and dividends, and transfers, such as … Read more
State Finances And Local Finances State finances The constitution (73rd and 74th) Amendment Acts, 1992 and ARTICLE 280 (3) (c) have altered the erstwhile fiscal devolution system and framework between the states and local governments. Under the new fiscal devolution system every State Government is required to constitute, once in five years, a Finance Commission … Read more
PUBLIC FINANCE Public finance is the study of the role of the government in the economy. It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. It includes the study of … Read more