TAXATION LAW UNDERSTANDING THE LEGAL FRAMEWORK FOR REVENUE COLLECTION

AUTHOR – PRERNA SHARMA STUDENT AT CHANDERPRABHU JAIN COLLEGE

BEST CITATION – PRERNA SHARMA, TAXATION LAW UNDERSTANDING THE LEGAL FRAMEWORK FOR REVENUE COLLECTION, ILE LEX SPECULUM (ILE LS), 1 (1) OF 2023, PG. 256-262, APIS – 3920 – 0036 | ISBN – 978-81-964391-3-2

Abstract

Taxation law constitutes a critical aspect of a country’s legal system, serving as the backbone for revenue collection and the efficient functioning of the government. This research paper delves into the multifaceted realm of taxation law, aiming to provide a comprehensive understanding of its legal framework and significance in revenue generation. The study explores various tax types, such as income tax, corporate tax, value-added tax (VAT), and property tax, among others, outlining their specific purposes and implications.

The research investigates the taxation authorities and administration, shedding light on the roles of federal, state, and local agencies in overseeing tax collection and enforcement. It analyzes the intricacies of taxable events and tax liabilities, emphasizing the importance of compliance and reporting by taxpayers. The paper examines tax disputes and appeals, providing insights into the mechanisms for resolving conflicts and ensuring fairness in the tax assessment process.

Moreover, the research elucidates the evolving landscape of international taxation, considering the implications of double taxation treaties and transfer pricing regulations on cross-border transactions. It also evaluates the economic impact of taxation policies and their role in fiscal policy management and economic stabilization.

To gain a comprehensive understanding, the study reviews recent developments and reforms in taxation law, emphasizing how emerging trends are reshaping revenue collection practices. Additionally, it delves into the challenges and controversies associated with taxation, including the complexities of tax systems and strategies to combat tax avoidance and evasion. By comprehensively examining the legal underpinnings of taxation law, this research paper aims to equip policymakers, tax professionals, and citizens with valuable insights into the significance of tax revenue for government functions. The findings underscore the indispensable role of taxation in funding public services, promoting economic growth, and fostering a fair and equitable society.