Nikhil Pethkar

Tax Sem 2 MMS

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A tax (from the Latintaxo;"rate") is a financial charge orother levy imposed upon a taxpayer(an individual or legalentity) by a stateorthe functional equivalent of astate such that failure to pay ispunishable by law. Taxes are alsoimposed by many administrativedivisions. Taxesconsist ofdirectorindirecttaxes and may be paidinmoney or as its labourequivalent.



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According toBlacks LawDictionary, a tax is a"pecuniary burden laid uponindividuals or property owners tosupport the government [...] apayment exacted by legislativeauthority." It "is not a voluntarypayment or donation, but anenforced contribution, exactedpursuant to legislative authority"and is "any contribution imposedby government [...] whether underthe name of toll, tribute,tallage, gabel, impost, duty,custom, excise, subsidy, aid,supply, or other name.



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