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Solve P2 in Page 11.17 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Solve P2 in Page 11.17 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of levying and collecting taxes by the government from individuals and businesses based on their income, property, or goods and services. It is a crucial source of revenue for the government to fund public services and infrastructure.
| 2. How does taxation work? | |
Ans. Taxation works by imposing various types of taxes on individuals and businesses. These taxes can be in the form of income tax, property tax, sales tax, or corporate tax. The government collects these taxes through different methods such as payroll deductions, self-assessment, or direct payment to the tax authorities.
| 3. What are the different types of taxes? | |
Ans. There are several types of taxes imposed by the government, including income tax, property tax, sales tax, excise tax, and corporate tax. Income tax is based on an individual's or business's income, property tax is levied on the value of owned properties, sales tax is applied to the purchase of goods and services, excise tax is imposed on specific goods like alcohol and tobacco, and corporate tax is levied on the profits of companies.
| 4. How does taxation affect the economy? | |
Ans. Taxation has a significant impact on the economy. It influences the behavior of individuals and businesses by affecting their disposable income and incentives for work, investment, and consumption. Taxes can stimulate or hinder economic growth, depending on their structure and rates. They also play a role in wealth distribution and funding public goods and services.
| 5. What is the purpose of tax deductions and credits? | |
Ans. Tax deductions and credits are designed to reduce an individual's or business's taxable income, resulting in a lower tax liability. Deductions are specific expenses or allowances that can be subtracted from the total income, such as mortgage interest or medical expenses. Credits, on the other hand, directly reduce the amount of tax owed and can be claimed for various purposes, such as education or renewable energy investments. These deductions and credits aim to incentivize certain behaviors or provide relief for specific expenses.
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Nov 16, 2024 Last updated |
Video Description: Solve P2 in Page 11.17 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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