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P2 in Page 2 Video Lecture | Income Tax for assessment (Inter Level) - Taxation

	Income Tax for assessment (Inter Level) 405 videos\|72 docs

Income Tax for assessment (Inter Level)

405 videos|72 docs

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FAQs on P2 in Page 2 Video Lecture - Income Tax for assessment (Inter Level) - Taxation

1. What is taxation?

Ans. Taxation refers to the process of imposing a compulsory financial charge or other levy upon individuals or legal entities by a government or other governing body. It is used to fund public expenditures and services provided by the government.

2. How is income tax calculated?

Ans. Income tax is calculated based on the individual's taxable income, which is determined by subtracting allowable deductions and exemptions from the total income earned. The tax rates vary depending on the income brackets and the tax laws of the country.

3. What are the different types of taxes?

Ans. There are several types of taxes, including income tax, sales tax, property tax, capital gains tax, corporate tax, and excise tax. Each tax is imposed on different sources of income or transactions and may have different rates and regulations.

4. What are tax deductions and exemptions?

Ans. Tax deductions and exemptions are provisions in the tax law that reduce the taxable income of individuals or businesses. Deductions are expenses that can be subtracted from the total income, such as mortgage interest or charitable contributions. Exemptions, on the other hand, are amounts that are excluded from the taxable income, such as personal and dependent exemptions.

5. How does tax evasion differ from tax avoidance?

Ans. Tax evasion refers to the illegal act of intentionally avoiding paying taxes by using illegal means, such as hiding income or providing false information. Tax avoidance, on the other hand, is the legal act of minimizing tax liability by using lawful strategies, such as taking advantage of tax deductions and exemptions. While tax evasion is punishable by law, tax avoidance is considered a legitimate way to reduce tax burden within the boundaries of the law.

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About this Video

Nov 16, 2024 Last updated

Video Description: P2 in Page 2 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation. The notes and questions for P2 in Page 2 have been prepared according to the Taxation exam syllabus. Information about P2 in Page 2 covers all important topics for Taxation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for P2 in Page 2.

Introduction of P2 in Page 2 in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & P2 in Page 2 in Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for Taxation Exam by signing up for free.

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Video Lecture & Questions for P2 in Page 2 Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).

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Here you can find the meaning of P2 in Page 2 defined & explained in the simplest way possible. Besides explaining types of P2 in Page 2 theory, EduRev gives you an ample number of questions to practice P2 in Page 2 tests, examples and also practice Taxation tests.

	Income Tax for assessment (Inter Level) 405 videos\|72 docs

Income Tax for assessment (Inter Level)

405 videos|72 docs

Join Course for Free

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