P6 in Page 7.34 Video Lecture | Income Tax for assessment (Inter Level) - Taxation

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FAQs on P6 in Page 7.34 Video Lecture - Income Tax for assessment (Inter Level) - Taxation

1. What is taxation?
Ans. Taxation is the process of levying and collecting taxes from individuals and organizations by the government. It is a compulsory contribution imposed on citizens to finance public services and government expenditures.
2. What are the different types of taxes?
Ans. There are various types of taxes, including income tax, sales tax, property tax, corporate tax, excise tax, and customs duty. Each type of tax is levied on different sources of income or specific goods and services.
3. How does income tax work?
Ans. Income tax is a tax levied on an individual's or organization's income. It is calculated based on the total income earned during a specific period, after deducting any allowed expenses or exemptions. The tax rates for different income levels are determined by the government.
4. What is tax planning?
Ans. Tax planning refers to the strategic management of one's financial affairs to minimize the amount of tax liability. It involves utilizing legal methods, deductions, exemptions, and credits provided by the tax laws to reduce the tax burden and maximize savings.
5. What is the difference between tax evasion and tax avoidance?
Ans. Tax evasion is the illegal act of intentionally evading taxes by misrepresenting income, inflating expenses, or hiding assets to pay less tax. On the other hand, tax avoidance is the legal act of arranging one's financial affairs in a way that minimizes tax liability by taking advantage of deductions, exemptions, and loopholes in the tax laws.
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