What is Statute -
A Statute is a formal written enactment of Legislative authority that governs a country, state, city or county. In simple words, it is the Law, Enactment, Act. The parliament is given the authority of lawmaking, Parliament is competent to withdraw any law from operation at any time and also competent to fix the lifetime of a statute.
A statute may generally be classified with reference to its duration, method object, and extent of application. There are several types of statutes...(Read...Types of Statute | Law of Interpretation of Statutes)
What is Taxing statute -
Taxing statutes are those Statutes which imposes taxes on income or certain other kinds of transactions. It may be in the form of Income Tax, Wealth Tax, Sales Tax, Gifts Tax etc
The object of taxing statute -
The object of taxing Statute is to collect revenue of the government. Tax is levied for the public purpose. As we all know that tax is a source of revenue generation for the state. The money collected in the form of tax is utilized for the welfare activities of the public.
Tax can be levied only when a Statute unequivocally so provides by using Express language to that effect and any doubt is resolved in favor of the assessee.
1. Golden Rule of Interpretation | Law of Interpretation of Statute
2. Delegated Legislation : Meaning and Definition of Delegated Legislation
3. Distinction/Difference between Remedial Statute and Penal Statute
4. Distinction/Difference between Codifying Statutes and consolidating Statutes
5. What is the Remedial Statute, Difference between Remedial Statute and Penal Statute