Public Finance Under Public Economics

Public Finance Finance Department is responsible for managing Finance. Ensure socio-economic welfare. Collective benefit to the society. Revenue: Sources included as Tax and Non-Tax sources. - Ultimate end/aim of public revenue to meet public expenditure. Finance:- Income and expenditure pattern of income authorities. Canons of Taxation: Certain rule and regulations/principles employed during imposing tax. - Canon of economy: Govt. should avoid unnecessary expenditure. - Public Finance defines as income and expenditure of public authorities and mutual understanding or dependence between income&expenditure and also finance administration and control. - Cut-short unnecessary expenditure(defence) Deficit budget: Currency print, public debt mobilizing. - Redemption: Repayment of public debt(Internal & Exernal). Both the principle amount and its interest. - Financial administration/financial manager-collection, allocation and preservation collected goals+distributions. - Budgeting: It is a financial statement tool for financial and systematic policy formation. - Economic stability: Avoid unnecessary economic activities (positive affect) - Devaluation: Decrease in the value of Indian currency related to foreign currency. - Fiscal policy: Tools and techniques of Fiscal policy reduces the over inflation to avoid unnecessary increase in money supply. - Reduced taxation can increased expenditure. - Govt. sell securities in open market. Govt. can absorb surplus in eco. Fund. Difference between