From the inscriptions of old times, we know that there were more than 400 taxes during the Chola dynasty in Tamil Nadu. There are many taxes levied on us today as well. Make a list of such five taxes and explain them in one or two lines.
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The inscriptions of the Chola period refer to more than four hundred terms for different kinds of taxes. The most frequently mentioned taxes are: Vetti: Taken not in cash but in the form of forced labour.The inscriptions of the Cholas who ruled in Tamil Nadu refer to more than 400 terms for different kinds of taxes.
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1. Income Taxes: Most Americans who receive income in a given year must file a tax return. Only if you earned less than the IRS-designated gross income limits can you forego filing a federal income tax return.
2. Excise Taxes:Speaking of excise taxes, you pay these when you purchase specific goods, and they’re often included in their cost. So if the product you buy is subject to sales tax, you might be paying tax on a tax.
3. Sales Tax:Otherwise known as consumption tax, sales tax is more heavily levied on the wealthy merely because the more you consume, the more you are taxed.
4. Property Taxes: Property taxes are one of the oldest forms of taxation. In the United States, the funds typically go toward local concerns, such as sewage treatment, road maintenance, drinking water, and schools.
5.Estate Taxes: ederal estate taxes are one area in which most people can rest easy. For 2020, the estate tax exclusion amount is $11.58 million per person. That means a person who dies in 2020 can leave up to $11.58 million to their heirs tax-free.