Ca Inter Tax
A tax is a mandatory financial charge or some other type of levy imposed upon a tax payer by a governmental organization for the purpose of funding various public expenditures. The tax payer may be an individual or some other legal entity. A failure to pay or opposition towards taxation is punishable by law. The process of levying or imposing a tax by a taxing authority, often a government, is termed as taxation. Taxation applies to all kinds of involuntary levies, starting from income to capital gains and estate taxes. It is generally referred to as an act. CA inter tax involves the studying of taxation at the Intermediate level, that is, while giving the CA Intermediate exam.
Taxation is distinguished from other forms of payment, such as market exchanges, in that taxation doesn't need consent and is not tied directly to any services provided. The government enforces taxation through an implicit or explicit threat of force. Taxation is legally differentiated from that of extortion or a protection racket because the imposing institution is a government, not private imposers. Tax systems have varied significantly across jurisdictions and time. CA inter tax is one of the many papers of CA Intermediate exam. In almost all modern systems, tax is imposed on both physical assets and specific events, such as property and a certain sales transaction. The formulation of tax policies is one of the most crucial and contentious issues in modern politics. The most important function of taxation is to fund government expenditures.
Various justifications and explanations for taxes have been rendered throughout history. Early taxes were used for the purpose of supporting ruling classes, maintaining armies and building defences. CA inter tax is a scoring subject if prepared thoroughly. Later justifications have been rendered across utilitarian, economic or moral considerations. Exponents of progressive levels of taxation on high income earners argue that taxes establish a more equitable society. Advocates of public goods theory argue that taxes will be needed in instances where the private provision of public goods is regarded as sub-optimal, such as with lighthouses or national defence. Whether it is CA Intermediate or CA Final , tax is always a scoring subject until and unless you are not thorough with your studies. You can score high on the subject of CA inter tax, but there is a requirement for proper planning and guidance to score such.
Taxation at the Intermediate level is divided into two sections, one is Direct Tax and another is Indirect Tax. Direct Tax involves the study of Income Tax. Indirect Tax consists of GST and Customs. Both the papers of Direct Tax and Indirect Tax are of 50 marks each. Most of the times, students fail to decide which study material they should opt for studying. Even at the last moment, they frequently run for some other teacher's notes, which is a big blunder that they commit. You can buy the ICAI study material or either refer some reference book to study for the CA inter tax exam.