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Page 6.14 Questions Discussions Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Page 6.14 Questions Discussions Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are the different types of taxes? |  |
Ans. There are several types of taxes, including income tax, sales tax, property tax, corporate tax, and excise tax. Each type of tax is levied on different sources of income or transactions.
| 2. How is income tax calculated? | |
Ans. Income tax is calculated based on the taxable income of an individual or business. Taxable income is determined by subtracting allowable deductions and exemptions from total income. The tax rate is then applied to the taxable income to determine the amount of tax owed.
| 3. What is the purpose of taxation? | |
Ans. The purpose of taxation is to generate revenue for the government to fund public services and programs. Taxes are used to finance infrastructure, education, healthcare, defense, and other essential services that benefit society as a whole.
| 4. What is the difference between a tax credit and a tax deduction? | |
Ans. A tax credit is a dollar-for-dollar reduction in the amount of tax owed, while a tax deduction reduces taxable income. Tax credits are generally more beneficial as they directly reduce the amount of tax owed, whereas deductions only reduce the taxable income on which the tax is calculated.
| 5. Are there any tax benefits for small businesses? | |
Ans. Yes, there are several tax benefits available for small businesses. These include deductions for business expenses, special tax credits for hiring certain employees or investing in certain areas, and simplified tax filing options. Small businesses may also be eligible for lower tax rates or exemptions based on their annual revenue.
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Dec 20, 2024 Last updated |
Video Description: Page 6.14 Questions Discussions for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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