• Canon of Taxation

    According to Phillips Hardwick, “Taxes are compulsory transfers of money from private…

  • Types of Taxes

    Basically there are two types of taxes i.e. direct taxes and indirect…

  • Circular Flow of National Income

    circular flow of national income diagram

    The movement of national income from households to firms and from firms…

  • Expenditure Approach

    Under Total Expenditures Approach, national income is computed by taking the summation…

  • Factor Income Approach

    Under this approach, national income is calculated by taking the summation of…

  • Output Approach

    We take the summation of market value of all final goods and…