Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Solve P2 in Page 3.43
Solve P2 in Page 3.43 Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Solve P2 in Page 3.43 Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the difference between direct and indirect taxes? |  |
Ans. Direct taxes are levied on individuals or entities directly by the government, such as income tax or property tax. Indirect taxes, on the other hand, are imposed on goods and services, and the burden is ultimately passed on to the end consumer, such as sales tax or value-added tax (VAT).
| 2. How does the progressive tax system work? | |
Ans. The progressive tax system is based on the principle that individuals with higher incomes should contribute a higher percentage of their income in taxes. As income increases, the tax rate also increases. This ensures that those who earn more contribute more to the overall tax revenue.
| 3. What are some common tax deductions and exemptions available to individuals? | |
Ans. Some common tax deductions and exemptions available to individuals include deductions for mortgage interest, student loan interest, medical expenses, charitable contributions, and exemptions for dependents. These deductions and exemptions can help individuals reduce their taxable income and potentially lower their tax liability.
| 4. How does tax evasion differ from tax avoidance? | |
Ans. Tax evasion is the illegal act of intentionally avoiding paying taxes by misrepresenting income, inflating expenses, or hiding assets. It is considered a criminal offense. Tax avoidance, on the other hand, is the legal practice of minimizing tax liability by taking advantage of available deductions, exemptions, and loopholes within the tax laws.
| 5. What is the difference between a tax credit and a tax deduction? | |
Ans. A tax credit directly reduces the amount of tax owed. For example, if a taxpayer owes $5,000 in taxes and has a $1,000 tax credit, their tax liability will be reduced to $4,000. A tax deduction, on the other hand, reduces the taxable income, which indirectly reduces the tax liability. For example, if a taxpayer earns $50,000 and has a $5,000 tax deduction, their taxable income will be $45,000, and they will be taxed on that lower amount.
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Nov 16, 2024 Last updated |
Video Description: Solve P2 in Page 3.43 for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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