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P2 in Page 6.27 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P2 in Page 6.27 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are the different types of taxes? |  |
Ans. There are several types of taxes, including income tax, sales tax, property tax, excise tax, and payroll tax. Each type of tax serves a specific purpose and is levied by different levels of government.
| 2. How is income tax calculated? | |
Ans. Income tax is calculated based on the taxable income of an individual or business. Taxable income is calculated by subtracting allowable deductions and exemptions from the total income earned. The tax rate is then applied to the taxable income to determine the amount of tax owed.
| 3. What is the difference between a tax deduction and a tax credit? | |
Ans. A tax deduction reduces the amount of taxable income, while a tax credit directly reduces the amount of tax owed. Deductions are subtracted from the total income to calculate taxable income, while credits are applied directly to the tax liability.
| 4. How can I reduce my tax liability? | |
Ans. There are several strategies to reduce tax liability, including maximizing deductions and credits, contributing to retirement accounts, taking advantage of tax-efficient investments, and utilizing tax planning strategies. It is important to consult with a tax professional to determine the best approach for your specific situation.
| 5. What happens if I fail to file or pay my taxes on time? | |
Ans. If you fail to file your taxes on time, you may be subject to penalties and interest on the amount owed. The penalties and interest will continue to accumulate until the taxes are paid in full. It is important to file your taxes on time or request an extension to avoid these additional charges.
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Nov 16, 2024 Last updated |
Video Description: P2 in Page 6.27 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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