What is income tax ?
What's the income tax act ?
Is it good or bad for people? is it good for the country?
What is the total revenue of the nation in 2017 or 2016 earned by income tax?
What proportion is it of the total revenue of the nation?
Give a detailed original answer please.
Answers
The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957.
The Advantages of Taxes. Taxation is one of the essential functions of government, and a fact of life for taxpayers that requires compliance and planning. Income tax, property tax and sales tax all reduce how much money consumers have to save or spend.
Disadvantage
If the taxes are too heavy, they discourage saving-sand investment. In that case the country will suffer economically. A high level of taxation discourages investment and enterprise in the country. It inflicts a lot of damage, on business and industry.
An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer.
The Income-tax Act, 1961 is the changing Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957.
yes it is good in my opinion
Current Revenue
The U.S. government's total revenue is estimated to be $3.643 trillion for Fiscal Year 2020.
List of countries by tax revenue to GDP ratio
Country Tax as % of GDP
Angola 10.33
Argentina 24.95
Armenia 24.1
Australia 27.8