Merits and Demerits of Direct Taxes

There are different types of direct taxes such as Income Tax, Corporate Tax, Inheritance Tax, Property Tax, Wealth Tax (abolished now in India), Capital Gains Tax etc. Merits The key merits of the direct taxes are as follows: Progressive Tax ..

Kautilya’s System of Tax Administration

Kosha Moolo Danda, which means ” revenue is the backbone (of administration)” is sourced from Kautilya’s Arthshastra Part 8, Chapter 1. This implies that a nation’s status relies upon its fiscal power. He expressed that the Government’s power had source ..

Gender Budgeting in India

A gender budget is not a separate budget for women. Instead, the gender budgets are an attempt to assess government priorities as they are reflected through the budget and examine how they impact women and men. Gender budgets look at ..

Participatory Budgeting in India

According to the International Budget Project (IBP), participatory budgeting is the process by which citizens deliberate and negotiate over the distribution of public resources. Participatory budgeting creates opportunities for engaging, educating and empowering citizens, which can equip and advance a ..

Budget Preparation Process in India

The preparation of budget in India involves the several stages before its presentation to the house. The fiscal year of the Union and State Governments is from April to March. The preparatory work on budget documents starts around 6-8 months ..

Principles of Budgeting

There are a few principles followed in budget preparation exercise. These are as follows: Principle of Annuality This implies that a budget is prepared every year on annual basis. One year is considered ideal period for budget because it’s an ..

Functions of a Budget

A government budget is a financial plan that outlines the projected revenues and expenditures for a specific period. It serves as a critical tool for policymakers to allocate resources to various sectors and implement public policies. A budget is not ..

History of Budget in India

Etymologically, the term budget is related to Latin bulga , which refers to a ‘leather bag. The term comes from a Gaulish source connected to the Irish bolg, which means a bag. It got associated with finance in mid 18th century following ..