The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

Commerce Exam > Commerce Questions > The taxes on individual and firm are Related:...

Join the Discussion on the App

The taxes on individual and firm are

Join for Free

Join for Free

Verified Answer

The taxes on individual and firm are Related: Short Answer Questions ...

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). However, individuals are taxed at various rates according to the slab in which they fall. Further, the partnership firms are also taxed at flat rate.

This question is part of UPSC exam. View all Commerce courses

View all answers Start learning for free

Explore Courses for Commerce exam

Similar Commerce Doubts

explain objectives of government budget Related: Long Answer Questions - Chapter 8 - Government Budget and the Economy, Class 12, Economics

View answer

Read the following passage and answer on the basis of the same : The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Assertion (

View answer

Read the report given below and answer the questions that follow:In an economy the Aggregate Demand is determined by consumption, Government Expenditure and Net Exports in the economy. This is affected by the Savings and Investment in the economy. The Multiplier, that is investment multiplier, which is influenced by the ratio of total consumption and total income, regulates the flow of money in the economy influencing the Aggregate Demand and Supply. Any change in any of the factors leads to a big change in the economy’s equilibrium as a whole. It is to be kept in mind that the economy needs to be in equilibrium condition. When savings is less than the investments the aggregate demand is more than the aggregate supply, and vice versa.Savings and Investment affect the ________.

View answer

Read the following news report and answer the question that follow:MUMBAI: Investors were relieved as the finance minister Nirmala Sitharaman avoided an increase in the long-term capital gains tax on equity investments and securities transaction tax in the Union Budget for 2021-22 announced today.Heading into the Budget, most investors were concerned that the government may look at increasing the long-term capital gains tax or the securities transaction tax in order to boost its revenues, especially as the stock market has witnessed a breakneck rally since the beginning of April.In her Budget speech in July 2019, the finance minister had reintroduced the long-term capital gains tax after 15 years. Currently, individuals who make capital gains of more than `1 lakh on their equity investment after a holding period of more than one year have to pay a tax of 10 per cent on the capital gains. However, the capital gains tax for individuals in the highest bracket of earnings comes around 15 per cent inclusive of a cess.Money managers had said that the government needed to bring out an equity friendly budget, implying no changes in taxations related to the stock market, in order to ensure that its divestment plans went smoothly in the next fiscal year.Q. Why didn’t the government say anything about the capital gains tax?

View answer

Read the following passage and answer on the basis of the same :The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Q. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth.

View answer

Top Courses for CommerceView all

Chapter Notes for Commerce

Economics Class 12

Economics Class 11

NCERT Books & Solutions for Commerce

Economics for CBSE Class 12 Board Examinations

Top Courses for Commerce

View all

The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy

Share with a Friend

Answer this doubt

Question Description
The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy.

Solutions for The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy defined & explained in the simplest way possible. Besides giving the explanation of The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy, a detailed solution for The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy has been provided alongside types of The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy theory, EduRev gives you an ample number of questions to practice The taxes on individual and firm are Related: Short Answer Questions - Government Budget and the Economy tests, examples and also practice Commerce tests.

Explore Courses for Commerce exam