Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > P5 in Page 2
P5 in Page 2 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P5 in Page 2 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of imposing and collecting taxes by the government on individuals, businesses, or other entities. It is a way for the government to generate revenue to finance public expenditures and provide essential services to its citizens.
| 2. How does taxation work? | |
Ans. Taxation works by levying taxes on various sources of income or activities, such as income tax on individuals' earnings, sales tax on goods and services, and property tax on real estate. The government sets tax rates and establishes tax laws to determine how much tax individuals or businesses owe based on their income or activities.
| 3. What are the different types of taxes? | |
Ans. There are several types of taxes, including income tax, sales tax, property tax, corporate tax, excise tax, and payroll tax. Income tax is levied on the income individuals earn, while sales tax is charged on the purchase of goods and services. Property tax is based on the value of real estate properties owned. Corporate tax is imposed on the profits of businesses, while excise tax is levied on specific goods like tobacco and alcohol. Payroll tax is deducted from employees' wages to fund social security and medicare programs.
| 4. How does taxation affect the economy? | |
Ans. Taxation plays a crucial role in the economy as it funds government activities, infrastructure development, social welfare programs, and public services. It also helps regulate economic activities, redistribute wealth, and reduce income inequality. However, excessive taxation or poorly designed tax policies can hinder economic growth, discourage investment, and burden individuals and businesses.
| 5. What are tax deductions and credits? | |
Ans. Tax deductions and credits are incentives provided by the government to reduce the amount of tax individuals or businesses owe. Deductions lower the taxable income, while credits directly reduce the tax liability. Common tax deductions include expenses for mortgage interest, medical expenses, and charitable donations. Tax credits can be for various purposes, such as education, child care, or renewable energy investments. These deductions and credits help taxpayers save money and encourage specific behavior or activities that benefit society.
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Nov 16, 2024 Last updated |
Video Description: P5 in Page 2 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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