Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > P7 and P8 Question Discussion
P7 and P8 Question Discussion Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P7 and P8 Question Discussion Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of levying and collecting taxes by the government from individuals, businesses, or other entities. It is a way to generate revenue to fund public goods and services provided by the government.
| 2. How does the government use tax revenue? | |
Ans. The government uses tax revenue for various purposes, including funding infrastructure projects, education, healthcare, defense, social welfare programs, and public services like police and fire departments.
| 3. What are the different types of taxes? | |
Ans. There are several types of taxes, including income tax, sales tax, property tax, excise tax, corporate tax, and payroll tax. Each tax type is imposed on different sources of income or transactions.
| 4. How is income tax calculated? | |
Ans. Income tax is calculated based on the individual's or business's taxable income, which is the total income earned minus allowable deductions and exemptions. The tax rates vary based on income brackets, and the tax liability is determined by applying the applicable tax rate to the taxable income.
| 5. Are there any tax deductions or credits available to reduce the tax burden? | |
Ans. Yes, there are various tax deductions and credits available to reduce the tax burden. Examples include deductions for mortgage interest, medical expenses, student loan interest, and credits for child care expenses, education expenses, and renewable energy investments. These deductions and credits can lower the taxable income or directly reduce the tax liability.
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Nov 16, 2024 Last updated |
Video Description: P7 and P8 Question Discussion for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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