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ICSE Class X Notes 2019 : Economics Public Finance (Jamnabai Narsee School (JNS), Mumbai)

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UNIT III- PUBLIC FINANCE (CH. 5,6,7,8) CLASS 10 2018-2019 CHAP 5-MEANING AND SCOPE OF PUBLIC FINANCE Public finance is the branch of knowledge which is concerned with the income and expenditure of public authorities and with adjustment of one to another. Public finance is concerned with the finance of state. Scope of Public finance/Subject matter i.Public revenue. Every govt. has to make a lot of expenditures. For this purpose it has to raise revenues. The major share of Public revenues is obtained through taxes. Again, government raises revenue through non-revenue sources like fees and penalties. Thus, under Public finance, we study different types of taxes, the principles of taxation, the burden of taxes, selection of proper tax policy etc which are the subject matter of public ii. Public expenditure. It deals with various types of expenditure needed for the proper functioning of the government. The principles that govern the allocation of government funds among various activities like- whether the expenditures are diverted to productive fields or non-productive fields. What will be the effects of Public expenditures on the level of income distribution and level of output? Become the subject matter of public expenditure. iii. Public debt. When the government borrows internally as well as externally for making necessary expenditure it is called public debt. The amount of public debt, the repayment of debt with interest, the impact of public debt, What type of bonds the government have to issue, which sources of public borrowing, will be more economical, etc become the subject matter of public debt. iv. Budgetary policyIt deals with the types of financial statement made by the government with regard to its probable revenue and expenditure any particular year. If the government expenditure is more than the revenue, there arises deficit in government budget. Different ways for meeting this budget deficit come under the purview of this branch of Public finance. v. Fiscal policyIt is concerned with the framing of proper tax and expenditure policies by the government for achieving the objective of economic growth and stability. (1)

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