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activisation advanced economies Allahabad assets backward economies Baroda basis borrowing burden of taxation capital formation capital gains capital levy capital tax capitalistic commodities consumption deficit financing demand depends depression direct Discuss distribution economic activity economic development effects enterprise entrepreneurs expenditure tax factors of production funds governmental budget governmental expenditure growth Gujarat hence imposed incentive income tax increase India indirect taxes individual inflation inflationary inheritance tax investment Kaldor Karnatak Kerala labour laissez faire loan maximum social advantage ment national income payment planned POINTS TO REMEMBER possible principle productive capacity profits progressive system progressive taxation public debt public expenditure Public Finance Punjab purposes raising redistribution reduce repayment revenues sacrifice sales tax savings sector SELECT READINGS society surplus system of taxation tax payers tax system taxable capacity taxation in India tion under-developed economies unearned incomes wealth and income wealth tax welfare