Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Last Class Revision
Last Class Revision Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Last Class Revision Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of levying and collection of taxes by a government or any other authorized body from individuals, businesses, or other entities. It is a way for governments to generate revenue to fund public services and infrastructure.
| 2. What are the different types of taxes? | |
Ans. There are several types of taxes imposed by governments, including:
- Income tax: A tax on an individual's or business's income.
- Sales tax: A tax imposed on the sale of goods and services.
- Property tax: A tax levied on the value of real estate or personal property.
- Corporate tax: A tax imposed on the profits of corporations.
- Excise tax: A tax on specific goods like alcohol, tobacco, or gasoline.
- Value-added tax (VAT): A tax levied at each stage of production and distribution on the value added to a product or service.
| 3. How are tax rates determined? | |
Ans. Tax rates are determined by the government and can vary based on factors such as income levels, type of income, and the tax system in place. Governments often set tax rates through legislation or regulations. They may consider economic factors, social policies, and revenue requirements when determining tax rates.
| 4. What is the difference between a progressive and regressive tax system? | |
Ans. In a progressive tax system, the tax rate increases as the taxable income increases. This means that higher-income individuals or entities pay a higher percentage of their income in taxes. In contrast, a regressive tax system imposes a higher tax burden on lower-income individuals or entities. In a regressive system, the tax rate decreases as the taxable income increases.
| 5. How can tax deductions and credits impact my tax liability? | |
Ans. Tax deductions and credits can reduce your overall tax liability. Deductions are expenses or allowances that you can subtract from your taxable income, such as mortgage interest or certain business expenses. Credits, on the other hand, directly reduce the amount of tax you owe. They can be based on factors like income, education, or energy-efficient purchases. Both deductions and credits can lower your tax bill and potentially increase your tax refund.
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About this Video
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Nov 16, 2024 Last updated |
Video Description: Last Class Revision for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Last Class Revision have been prepared according to the Taxation exam syllabus.
Information about Last Class Revision covers all important topics for Taxation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Last Class Revision.
Introduction of Last Class Revision in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Last Class Revision in
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