Public Revenue and its Sources: Public revenue deals with the question what are the sources of government revenue, i.e. how much amount government will earn from each earning source. Main sources of public revenue are fee, commercial income, fine and compensation, income from government resources, issue of note, interest, public debts, no heir of any wealth and gift by any person, miscellaneous sources etc. Tax: A tax is a compulsory payment levied on the persons or companies to meet the expenditure incurred on conferring common benefits upon the people of a country. Two aspects of taxes follow from this definition: · A tax is a compulsory payment and no one can refuse to pay it. · Proceeds from taxes are used for common benefits or general ourposes of the state. Features of Tax: · Tax is non-penal. · It is not fee. Fee is given for getting specific direct benefits. · It is paid without any expectation of direct ben
Economics is considered a social science which deals with the production, distribution, and consumption of goods and services.