Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Meaning of Relative
Meaning of Relative Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Meaning of Relative Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is relative taxation? |  |
Ans. Relative taxation refers to a tax system in which individuals or businesses are taxed based on their income or assets relative to others in society. It aims to create a fairer tax system by ensuring that those who earn more or have more wealth contribute a higher proportion of their income or assets in taxes.
| 2. How does relative taxation work? | |
Ans. Relative taxation works by implementing progressive tax rates that increase as income or wealth levels increase. This means that individuals or businesses with higher incomes or more assets are subject to higher tax rates, while those with lower incomes or fewer assets pay lower tax rates. The exact tax rates and brackets vary depending on the specific tax system in place.
| 3. What are the advantages of relative taxation? | |
Ans. Relative taxation has several advantages. Firstly, it promotes income equality by ensuring that those who are more financially well-off contribute a larger share of their income in taxes. Secondly, it helps fund public services and programs that benefit society as a whole. Additionally, relative taxation can help reduce income disparities and provide a safety net for those with lower incomes.
| 4. Are there any disadvantages to relative taxation? | |
Ans. While relative taxation has its benefits, there are also some potential disadvantages. One criticism is that it may discourage individuals from working harder or earning more due to the higher tax rates they would face. Additionally, implementing and administering a relative tax system can be complex and may require significant resources. There can also be debates and disagreements regarding the appropriate tax rates and brackets.
| 5. How does relative taxation differ from flat taxation? | |
Ans. Relative taxation differs from flat taxation in that it takes into account the relative income or wealth levels of individuals or businesses. Flat taxation, on the other hand, applies the same tax rate to all individuals or businesses regardless of their income or wealth. Relative taxation aims to create a more progressive tax system, while flat taxation is often seen as a simpler approach but can be criticized for potentially being less equitable.
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Nov 16, 2024 Last updated |
Video Description: Meaning of Relative for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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