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Questions Discussion Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Questions Discussion Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of levying and collecting taxes from individuals and entities by the government to fund public expenditure and services. It is a compulsory financial charge or contribution imposed by the government on individuals, businesses, or properties.
| 2. What are the different types of taxes? | |
Ans. There are several types of taxes imposed by the government, including income tax, sales tax, property tax, excise tax, corporate tax, and payroll tax. Each type of tax serves a specific purpose and is collected in different ways.
| 3. 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 the total income. The tax rate is then applied to the taxable income to determine the amount of tax owed.
| 4. What are tax deductions and exemptions? | |
Ans. Tax deductions and exemptions are provisions in the tax code that allow individuals and businesses to reduce their taxable income. Deductions are expenses that can be subtracted from the total income, such as mortgage interest or charitable contributions. Exemptions, on the other hand, are a fixed amount that can be subtracted from the taxable income for each individual or dependent.
| 5. How does tax evasion differ from tax avoidance? | |
Ans. Tax evasion and tax avoidance are two different concepts. Tax evasion refers to the illegal act of intentionally avoiding paying taxes by misrepresenting income or inflating expenses. It is a criminal offense and can result in penalties or imprisonment. Tax avoidance, on the other hand, refers to the legal use of tax planning strategies to minimize tax liability. It involves taking advantage of deductions, exemptions, and other provisions in the tax code to reduce the amount of tax owed.
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Dec 20, 2024 Last updated |
Video Description: Questions Discussion for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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