Question

“What is the intention of the government in raising money through taxes ?

CBSE Class X Social Science VSA (1 Mark)

Answer 1

Government raise money through taxes and other ways to meet expenses on the services rendered by it.

Answer 2

The intention of the government to raise money through taxes is to meet the state expenses.

EXPLANATION:

The government increased the taxes for the welfare of state's economic condition. By doing this, the government can balance the state expenditures for the society.

Income tax Act of India made the following elements or parts:

• Income Tax Act, 1961

• Finance Act (Finance Act)

• Income-tax Rule

• Circulars and Notification

• Legislative Decision (Case Law) Income Tax Act, 1961