Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Basis of levy
Basis of levy Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Basis of levy Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the basis of levy taxation? |  |
Ans. The basis of levy taxation is the assessment and collection of taxes by the government on individuals, businesses, and properties to generate revenue for public spending and to finance public services and infrastructure development.
| 2. What are the different types of taxes levied by the government? | |
Ans. The government levies various types of taxes, including income tax, sales tax, property tax, excise tax, corporate tax, customs duty, and value-added tax (VAT), among others. These taxes are imposed on different sources of income, goods and services, properties, and economic activities.
| 3. How are taxes assessed and collected by the government? | |
Ans. Taxes are assessed and collected by the government through a systematic process. Tax authorities determine the taxable amount based on applicable tax laws and regulations, and individuals or businesses are required to file tax returns providing information about their income, expenses, and deductions. Tax payments can be made through various methods, such as direct payments, withholding taxes from salaries or transactions, or installment plans.
| 4. What is the purpose of levy taxation? | |
Ans. The purpose of levy taxation is to generate revenue for the government to fund public services, such as education, healthcare, infrastructure development, defense, and social welfare programs. Taxes also serve as a means to regulate economic activities, redistribute wealth, and ensure fiscal stability and economic growth.
| 5. How does levy taxation impact individuals and businesses? | |
Ans. Levy taxation affects individuals and businesses in multiple ways. Individuals may experience a reduction in disposable income due to income tax deductions, while businesses may face additional costs and administrative burdens to comply with tax regulations. However, taxes also provide individuals with access to public services and infrastructure, and businesses benefit from a stable and well-functioning society supported by tax revenues.
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Nov 16, 2024 Last updated |
Video Description: Basis of levy for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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