Chapter- 1
Income Tax Law
Introduction & Basic Concepts
Definitions:
A tax may be defined as
“a compulsory extraction made by General Government from the general public.”
“A fee charged (or levied) by a government on a product, income, or activity.”
Tax is a financial charge imposed on individuals or legal entity by the Government in pursuant to its legislative authority. A number of taxes have been imposed by various Governments covering different aspects such as income, wealth, sales, expenditure, services provided, production, import, export etc. The purpose of taxation is to finance government expenditure.…………
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