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Question

What is meant by tax management? Describe the elements to be covered under it.


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Solution

Answer:

A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. The taxation system is vital for the economy of a country o run the government and manage the affairs of a state, money is required.

Tax management

Tax management refers to the management of finances, for the purpose of paying taxes. Tax Management deals with filing Returns in time, getting the accounts audited, deducting tax at source etc. Tax Management helps in avoiding payment of interest, penalty, prosecution.

Elements of tax management

Elements of tax management are:

  • Filing return.
  • Auditing.
  • Source deduction.

Articles to Explore:

  1. Write a short notes on history of taxation in India.
  2. Define a tax. Explain briefly two merits and two demerits of direct taxes.

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