Page 51 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

Chapter 10 TAX Laws

The union budget is a statement of Government finances:

Government expenditures and Government receipts.

The sources of Government's funds include taxes, dividend,

divestment, other sources of income, market borrowing and

currency printing.

If the Government's revenue is more than the expenses then

there is a surplus and if the Government's expenses are more

than the revenue then there is a deficit.

Direct taxes include income tax, corporate tax, property tax and

wealth tax.

Indirect taxes include sales tax, octroi, VAT, excise duty, custom

duty etc.

The Income Tax Act has provisions for calculating the taxable