Economics and Finance
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Introduction • Basic Problem of Economy • Law of Demand and Elasticity of Demand • Theory of Consumer Behaviour • Supply • Theory of Production • Theory of Cost • Meaning and Types of Markets • Determination of Prices • Price Output Determination under Different Market Forms • Business Cycles • National Income Accounting • The Keynesian Theory of Determination of National Income • Fiscal Functions - An Overview, Centre and State Finance • Market Failure and Government Intervention to Correct Market Failure • The Process of Budget Making - Sources of Revenue, Expenditure Management and Management of Public Debt • Fiscal Policy • The Concept of Money Demand - Important Theories • The Concept of Money Supply • Monetary Policy • Theories of International Trade • The Instruments of Trade Policy • Trade Negotiations • Exchange Rate and Its Economic Effects • International Capital Movements • Indian Economy
Public Finance
Traditional - Obtaining and applying the material means necessary for fulfilling the proper functions of the State. [Carl C. Plehn (1911)]. The study comprises public expenditure, public revenue, public debt and financial administration.
Modern - Public finance deals with the economics of public sector and the importance of public sector lies in the fact that the market mechanism alone cannot perform all economic functions [R. A. Musgrave (1973)]. Fiscal function comprises: Allocation of public goods, Distribution of income equitably and Stabilization of economy.
Direct Taxes (Personal, Property & Corporation)
Income Tax Act 2025
Indian Stamp Act 1899
Registration Act 1908
Bihar Tenancy Act 1885
Bihar Municipal Act 2007
Bihar Motor Vehicles Taxation Act 1994
Bihar Tax on Professions, Trades, Callings and Employments Act 2011
Finance Act 2018 levying Health and Education Cess (4% on Income-tax + Surcharge)
Indirect Taxes (Customs, GST, VAT & Excise)
Goods & Services Tax
Custom Duty
Bihar Prohibition and Excise Act, 2016
Bihar Electricity Duty 1948
Bihar Settlement of Taxation Disputes Act 2024
Finance Act 2001 levying National Calamity Contingent Duty (NCCD)
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Reference
Books & Articles on Public Finance
Seventh Schedule to the Constitution of India - List I comprising subjects of expenditure and revenue for the Union Government, List II comprises the same for the States and List III comprises the same for both (Union and States) concurrently.
Jindal Stainless Ltd. v State of Haryana AIR 2016 SC 5617 = TNC 2016 (11) 1 - Power of levying tax whether high or low is an attribute of sovereignty subject only to constitutional safeguards.