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Taxation is a mark of civilization. Tax evolved and developed independently in the great ancient empires. The concepts that evolved were transported to other empires and cultures where tax ideas took root. This pattern continues through to today as nations are influenced by developments in tax from other countries. Taxes are traced from their roots on through mutations. This analysis traces the evolution of ideas about one of the most important policies facing any country: taxation. The article will demonstrate that elite ideas about tax policy have changed dramatically over the past century and that these ideas have had enormous consequences for the development of the modern income tax Act. You know the saying—nothing is certain except death and taxes. (Franklin, Benjamin Letter to Jean-Baptiste Le Roy, 13 November 1789). While that may be true, taxes tend to be more complicated and very inconsistent. And they didn’t always exist as they do today. will look at history from the manusmriti to India’s today through the prism of tax.We begin this entry by providing an overview of historical changes in taxation patterns, and then move on to discussing recent trends and patterns in taxation around India. The idea is not to enter into an exhaustive discussion of this theme but rather merely to give a chronology of the principal work in the light of the views of leading authorities. This paper is an attempt to give a brief look on the growth and evolution of taxes in India from the ancient times.

Public debt is one of the most important crises in recent decades not only in India but also World. The role of public debt in the government’s financial position in India and different state governments are a challenging factor. It has a crucial role in the process of economic development. There is a functional relationship between public debt and economic development in positive and negative aspects existence of empirical results indicated. The level of public debt is issued at international, national, and state levels in different countries after the financial crisis in 2008. Whenever increasing public debt is retard investment and economic growth. Repayment of interest rates to public debt is the biggest problem in India. The Union Government has spent one-third of its total revenue on interest payments meant to external and internal sources may be increased. It is the biggest problem for the Government of India and various state governments.