study of Taxation

Taxation

Definition:-
A means by which governments finance their expenditure by imposing charges on citizens and corporate entities. Governments use taxation to encourage or discourage certain economic decisions. For example, reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs.
What exactly is learnt in the field:-
Taxation refers to levying a charge on the citizen of a country by the Government. Taxes levied can be of varied types like direct and indirect taxes.Taxes are a major source of income for the government. One must not evade taxes, as it is illegal to do so. But the overall taxes that a person pays can be reduced by proper planning and making appropriate investments. Taxation provides a major source of revenue for the Government, a big portion of which is utilized to provide services and infrastructure facilities to the citizens.
Career Prospects:-
Our portfolio offers challenging opportunities to work across a range of business areas including liaising and negotiation with business, developing government policy or in international tax law. You'll gain experience and develop a range of business skills that will take you far in your career. Your talent and hard work will be rewarded by a career grounded in high-profile work, great training and lots of opportunity.
Significant facts & figure related to this field:-
The first income tax ever was in 1404 in England  The first US income tax started during in the Civil War to help raise money back in 1862.  he IRS sends out over 8 billion pages in forms and instructions every single year, that’s nearly 300,000 trees . Tax Freedom Day was April 23rd in 2008, a few days earlier than last year because of the tax stimulus rebate.
Important exams and certification related to this topic:-
 Taxation Inspector Exam is important exam of taxation

Popular software used in this field:-

·         Turbo tax

·         TaxACT

·         Complete tax

·         Taxbrain

·         e Smart tax

Nature of taxation :-
1. Inherent power of sovereignty
2. Legislative in nature
3. Public purpose
4. Territorial in operation
5. Exemption of the government
6. Strongest among the inherent power of the state
7. Subject of constitutional and inherent Anonymous
Conclusion:-

In healthy economies, businesses prosper and co-operate closely with government. The Inland Revenue/Customs and Excise play an important role not only in helping businesses to understand the tax system and pay their taxes on time with the minimum of effort. The Inland Revenue/Customs & Excise play a key role in helping new and existing businesses to create a more vibrant economy. Providing help, guidance and clear communications are important parts of this partnership process.