Taxation: Direct & Indirect Taxes in India, Laffer Curve, Ad-Valorem, Tax-Devolution, Tax Foregone

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In the previous lecture, we learned the part of budget, money bill, finance bill, appropriation Bill and annual financial statement (AFS). Now in this part we shall look at the taxation in India.
Four Canons of taxation by Adam Smith.
Direct taxes of the union government: income tax, corporation tax, minimum alternate tax (MAT), dividend distribution tax (DDT), interest tax, hotel receipt tax, fringe benefit tax, gift tax, securities transaction tax, commodities transaction tax (CTT), Estate Duty.
Laffer Curve and the provisions related to direct taxes in budget 2017.
Computation of income tax for a lower middle-class family vs a high net worth individual after budget 2017. Difference between cess and surcharge.
Duty inversion, countervailing duty, dumping duty,
ad-valorem tax, specific tax.
Ascending and descending order of direct and indirect tax collection amounts for union and Gujarat state.
Service tax theory: Krishi Kalyan Cess, Swatchh Bharat Cess, negative list and exempted list, service charge.
Gross tax revenue vs net tax revenue, revenue shortfall, tax devolution, tax foregone.
Next lecture: GST
Faculty Name: You know who
All Powerpoint available at mrunal.org/powe...
Exam-Utility: UPSC IAS IPS Civil service exam, Prelims, CSAT, Mains, Staff selection SSC-CGL, IBPS-PO/MT, IBPS-CWE, SBI PO & Clerk, RBI and other banking exams; LIC, EPFO, FCI & other PSU exams; CDS, CAPF and other defense services exams; GPSC, MPPCS, RPSC & other State PCS services exams with Indian Economy, Budget, Banking, Public Finance in its syllabus- with descriptive questions and answer writing.

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Thanks!

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A doctor can comprehend irksome and cumbersome things just in one go

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Surcharge is not shared with State Govt.
Dividend Distribution Tax is a DIRECT TAX

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SIR YOU TAKE ENOUGH TIME AND COMPLETE THE WHOLE SYLLABUS OF ECONOMY FOR BOTH PRELIMS AND MAINS.
DO NOT MISS ANYTHING. TAKE ENOUGH TIME.

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thanks to your valuable lectures yet again.

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[@wetube4908]

On Income
1Income tax
2Cortp tax & MAT
3DDT (divident share)
4CGT( Capital)
On property
1CDT (commodity)

[@JitendraKumar-nm7wt]

Thanks a lot Sir

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ajay devgan concept was the best.

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Economy k maye baap " Adam smith , Keynes " nhi h sir ,
Aap ho :)
Thank you.

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Ashutosh Upadhyay शं

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Hi Sir,
What about Union Territories share in central Taxes sir, how that will be determined,since in state wise distribution also there are states only.
Thanks

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why is capital gains tax not included in tax imposed on assets(capital transactions) but comes under tax on income under direct tax

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सर आपको वित्त विभाग में फ्री एडवाइस सरकार को कीजिए साथ ही विद्यार्थियों को भी पढ़ाइए इससे हमारा देश को बहुत फायदा होगा !धन्यवाद् सर!

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Can anyone please explain how levying specific tax on cigarette helps pass on the cost to customers, better than ad valorem? Thank you in advance.

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Taxation
Adam Smith's Cannon
1) Equality
2) Certainity
3) Convinience
4) Economy

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उसका Link ?

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how cess charge is calculated

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and gud lecture

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nyc video

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I have one doubt
At 26:04 min.
Surcharge is applicable on (total tax ) or on ( 30% tax in 50L - 1 cr slab)?
Plz give solution

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upsc target that'll be on 30%

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what is answer of ad valorem que.

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Black money arises out of Direct tax right?
Ps- Correct me if I am wrong.

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whether previous L1, L2, L3 ....L8 series is necessary to be read or may be omitted?

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44:00:

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🎉