MANAGEMENT

Detailed explanation-1: -Taxation is the act of laying a tax, i.e. the process or means by which the sovereign, through its lawmaking body, raises income to defray the necessary expenses of government.

Detailed explanation-2: -Taxation, as a power of the state, is inherent in sovereignty. Power of the state by which the sovereign raises revenue to defray the necessary expenses of the government.

Detailed explanation-3: -Taxation is the imposition of compulsory levies on individuals or entities by governments in almost every country of the world. Taxation is used primarily to raise revenue for government expenditures, though it can serve other purposes as well.

Detailed explanation-4: -legislation: an overview. Legislation refers to the preparation and enactment of laws by a legislative body through its lawmaking process.

Detailed explanation-5: -The most basic function of taxation is to fund government expenditures. Varying justifications and explanations for taxes have been offered throughout history. Early taxes were used to support the ruling classes, raise armies, and build defenses. Often, the authority to tax stemmed from divine or supranational rights.