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Gifts are voluntary contribution made by nongifts

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Unformatted text preview: her. Gifts are voluntary contribution made by nonGifts governmental donors for specified purposes. 2) Administrative Revenue: This category of revenue 2) includes fees, fines, licenses, escheat and special assessment etc. Generally such payment arise as a by-product f administrative control function of the government government 3) Commercial Revenue: The receipts received by the 3) government in the form of prices paid by the individual for the goods and services produced by public enterprises. enterprises. 4) Taxes: A compulsory payment to a government 4) without expectation of direct return in benefit to the tax payer. payer. 9 TAXATION Definition: Tax is a compulsory payment to the government by the people. It is the biggest source of public revenue. If a person defies the tax payment, he may be punished in the court of law. "A tax is a compulsory contribution imposed by a public authority irrespective of the exact amount of service rendered to the tax-payer in return. 10 Feature of Taxation Feature : Tax is Compulsory Payment: Payment of taxes is Tax compulsory if the tax-payer has attained the sufficient conditions for the imposition of a...
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