Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > P6 in Page 13.4
P6 in Page 13.4 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on P6 in Page 13.4 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation and why is it important? |  |
Ans. Taxation refers to the process of imposing a financial charge or other levy upon individuals or legal entities by a government. It is important as it provides the government with the necessary funds to carry out various public services and infrastructure development.
| 2. How does taxation impact the economy? | |
Ans. Taxation has a significant impact on the economy. It allows the government to generate revenue, which can be used for public services, infrastructure development, and social welfare programs. It also affects individuals and businesses by influencing their spending and investment decisions.
| 3. What are the different types of taxes? | |
Ans. There are various types of taxes, including income tax, sales tax, property tax, corporate tax, and excise tax. Income tax is levied on the income earned by individuals and businesses. Sales tax is imposed on the sale of goods and services. Property tax is based on the value of real estate properties. Corporate tax applies to the profits of companies. Excise tax is placed on specific goods such as alcohol, tobacco, and gasoline.
| 4. How is tax evasion different from tax avoidance? | |
Ans. Tax evasion refers to the illegal act of deliberately not paying taxes owed to the government. It involves concealing income, inflating deductions, or underreporting financial information. Tax avoidance, on the other hand, is a legal method of reducing tax liability by taking advantage of loopholes or using legitimate strategies within the tax laws.
| 5. How can I minimize my tax liability? | |
Ans. There are several ways to minimize your tax liability legally. Some common methods include maximizing deductions and credits, contributing to retirement accounts, utilizing tax-efficient investment strategies, taking advantage of tax credits and incentives, and consulting with a tax professional to ensure compliance with tax laws while optimizing tax benefits. It is important to note that tax planning should be done within the boundaries of the law to avoid potential penalties or legal issues.
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Dec 20, 2024 Last updated |
Video Description: P6 in Page 13.4 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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