Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Reading from Book FTS
Reading from Book FTS Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Reading from Book FTS Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process by which the government collects money from individuals and businesses to fund public services and government activities. It is a mandatory contribution imposed by the government on citizens, based on their income, property, or activities.
| 2. 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 value-added tax (VAT). Income tax is a tax levied on individuals' earnings, while sales tax is applied to the purchase of goods and services. Property tax is imposed on real estate, and corporate tax is levied on the profits of businesses. Excise tax is placed on specific goods, such as alcohol and tobacco, and VAT is a consumption tax added to the price of goods and services.
| 3. How does taxation impact the economy? | |
Ans. Taxation plays a crucial role in the economy as it provides the government with the necessary funds to finance public services and infrastructure development. Taxes also influence economic behavior and can be used to promote or discourage certain activities. For example, higher taxes on tobacco products can reduce smoking rates, while tax incentives for businesses can encourage investment and job creation.
| 4. What is the difference between progressive and regressive taxation? | |
Ans. Progressive taxation means that individuals with higher incomes pay a higher percentage of their income in taxes, while regressive taxation means that individuals with lower incomes pay a higher percentage of their income in taxes. Progressive taxation aims to distribute the tax burden more equitably, as those who earn more can afford to contribute a larger share. Regressive taxation, on the other hand, can disproportionately affect low-income individuals, as they may need to allocate a higher proportion of their income towards taxes.
| 5. How can individuals minimize their tax liability? | |
Ans. Individuals can minimize their tax liability by taking advantage of various deductions, credits, and exemptions allowed by the tax laws. This may include deductions for mortgage interest, student loan interest, charitable contributions, and business expenses. Additionally, individuals can explore tax-advantaged investment options such as retirement accounts, which offer tax deferral or tax-free growth. It is essential to consult with a tax professional or financial advisor to ensure compliance with tax regulations and optimize tax planning strategies.
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About this Video
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Nov 16, 2024 Last updated |
Video Description: Reading from Book FTS for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Reading from Book FTS have been prepared according to the Taxation exam syllabus.
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Introduction of Reading from Book FTS in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Reading from Book FTS in
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Video Lecture & Questions for Reading from Book FTS Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).
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