MANAGEMENT

Detailed explanation-1: -There are (3) stages in imposition of tax.-Declaration of liability – in returns by TP.-Assessment of tax for quantification of the sum liable by taxman.-Methods of recovery if assessed tax is not paid by taxman.

Detailed explanation-2: -Taxation Principles are guidelines that help lawmakers and governing bodies formulate strategies and plan their execution to ensure a robust tax structure to increase revenues and bring social and economic equality to its citizens.

Detailed explanation-3: -Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.

Detailed explanation-4: -The 6 major sources of tax revenue are Income tax, corporate tax, Goods and Services Tax (GST), Customs duties, Union Excise duties, Wealth tax and gift tax.