Describe the meaning of the term 'Tax'. What are the different types of taxes collected by the Municipal Corporation? 3 marks
Answers
Answer:
meaning of tax :
A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure.
In India municipal corporations or urban local bodies (ULB's) two types of taxes .
Property tax ,
Professional tax .
ANSWER
Definition: Tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. ... If one fails to pay the taxes or refuse to contribute towards it will invite serious implications under the pre-defined law.
In India municipal corporations or urban local bodies (ULB's) levy two types of taxes.
1. Property tax: property tax is an annual amount paid by a land owner to the municipal corporation of his/her area.
2. Professional tax
The municipal corporation assesses and imposes the property tax annually or semi annually.
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