Notes and Study material for Exams
The State Finance Commissions are required to recommend financial support from the state and principles for determination of taxes, tolls and fees that could be assigned to or appropriated by the local bodies ARTICLE 243I of the Indian Constitution prescribes that the Governor of a State shall, as soon as may be within one year … Read more
The Sunset Clause: A Tool for Temporal Legislation in India The concept of a sunset clause, also known as a “termination clause” or “expiry provision,” has gained increasing prominence in the Indian legal landscape. This provision, typically embedded within legislation, sets a specific date or event after which the law automatically ceases to be in … Read more
Regressive Taxation: A Burden on the Poor and a Threat to Equality Taxation is a fundamental aspect of any modern society, serving as the primary means of funding public services and infrastructure. However, the way taxes are levied can have a profound impact on income distribution and social equity. One particularly controversial form of taxation … Read more
The Art of Balancing the Books: A Deep Dive into Government Budgeting Government budgeting is the cornerstone of any nation’s fiscal policy, shaping the allocation of resources and influencing the lives of its citizens. It’s a complex process that involves forecasting revenue, prioritizing spending, and managing debt, all while navigating political pressures and economic realities. … Read more
Navigating the Labyrinth: A Comprehensive Guide to Transfer Pricing Transfer pricing, the process of setting prices for goods, services, and intangible assets exchanged between related entities within a multinational corporation (MNC), is a complex and often controversial area of international taxation. While seemingly straightforward, the practice can be fraught with challenges, leading to potential disputes … Read more
The Wealth Tax: A Controversial Tool for Equality and Growth The concept of a wealth tax, a levy on an individual’s net worth, has re-emerged as a prominent policy debate in recent years. Proponents argue that it is a necessary tool to address growing inequality, fund public services, and promote economic stability. Opponents, however, contend … Read more
Understanding the Effective Revenue Deficit: A Comprehensive Guide The concept of revenue deficit is a crucial aspect of fiscal policy, reflecting the difference between a government’s revenue and its non-debt expenditure. However, the effective revenue deficit offers a more nuanced and accurate picture of the government’s fiscal health, taking into account the impact of various … Read more
The Surcharge on Certain Taxes and Duties: A Deep Dive into Article 271 of the Income Tax Act The Indian Income Tax Act, 1961, is a complex and multifaceted piece of legislation designed to ensure a fair and equitable distribution of the tax burden. One of the key provisions within this Act is Article 271, … Read more
The Budgetary Process in Parliament: A Symphony of Scrutiny and Approval The annual budget, a financial blueprint outlining government spending and revenue, is a cornerstone of any democratic society. It reflects the government’s priorities, shapes the lives of citizens, and ultimately determines the economic health of a nation. The process of crafting and approving this … Read more
BUDGETARY REFORMS Government bodies raise Money by imposing taxes on citizens and then use those funds to pursue various programs such as Education, defence,