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Taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well.
We are providing best computer course traning centre in jalandhar. To run a nation judiciously, the government needs to collect tax from the eligible citizens; paying taxes to the local government is an integral part of everyone’s life, no matter where we live in the world. Now, taxes can be collected in any form such as state taxes, central government taxes, direct taxes, indirect taxes, and much more. For your ease, let’s divided the types of taxation in India into two categories, viz. direct taxes and indirect taxes. This segregation is based on how the tax is being paid to the government.
Objectives
- Economic efficiency.
- Defining economic efficiency for tax policy.
- Neutrality.
- Stability.
- Productivity.
- Simplicity.
Note:As a tax expert, you’ll certainly hunt down creative solutions to some surprising problems.
Seven principles for taxation are that it should be stable, sustainable, adequate, progressive, efficient, transparent and responsive to economic, social and environmental externalities.
In this sense, his canons of taxation are 'classical' in sense, four canons of taxation are: (i) Canon of equality or equity (ii) Canon of certainty (iii) Canon of economy (iv) Canon of convenience.
There are two types of taxes namely, direct taxes and indirect taxes. You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.
As nouns the difference between taxation and tax is that taxation is the act of imposing taxes and the fact of being taxed while tax is money paid to the government other than for transaction-specific goods and services.
A tax deduction reduces your taxable income. As a result you pay lower taxes. The higher your tax bracket (the percentage of the income that you owe in taxes) the more valuable a tax deduction is. With a $1,000 refundable tax credit you would get those $200 from the government.
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Jonathan Smith
cici inc.
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