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A Study of Tax Literacy among the People of Punjab
Taxation Literacy is one of the determinants of financial literacy, which refers to having basic tax related financial awareness and numerical ability to manage tax computation. Taxation literacy aims to assist individuals in receiving the tax details, understanding and analyzing it. Low level of tax compliance is either due to non-payment of tax or under payment of tax, which are the common issues of Indian economy. Due to lower level of tax literacy, it is difficult to make taxpayers agree to follow required taxation provisions. So, taxation literacy is a vital component that can increase the rate of tax compliance among people which is ultimately good for the progress of Indian economy. The study focuses to determine the level of taxation literacy in the state of Punjab. As per the findings of the study, low level of tax literacy is found among people. It has also been found that if people are provided with adequate taxation knowledge, it will increase the rate of tax compliance among them.
Compliance, Computation, Literacy, Taxation, Taxpayers
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