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.
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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 tax rate may increase as taxable income increases (referred to as graduated or progressive rates). The tax imposed on companies is usually known as corporate taxand is levied at a flat rate. However, individuals are taxed at various rates according to the slab in which they fall. Further, the partnership firms are also taxed at flat rate. Most jurisdictions exempt locally organized charitable organizations from tax. Capital gains may be taxed at different rates than other income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.
The tax rate may increase as taxable income increases (referred to as graduated or progressive rates). The tax imposed on companies is usually known as corporate taxand is levied at a flat rate. However, individuals are taxed at various rates according to the slab in which they fall. Further, the partnership firms are also taxed at flat rate. Most jurisdictions exempt locally organized charitable organizations from tax. Capital gains may be taxed at different rates than other income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income.
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An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction.
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.
it is good for every people yes also good for country
In 2015, total federal revenues in fiscal year 2015 are expected to be $3.18 trillion. These revenues come from three major sources: Income taxes paid by individuals: $1.48 trillion, or 47% of all tax revenues. Payroll taxes paid jointly by workers and employers: $1.07 trillion, 34% of all tax revenues.
From fiscal year 1946 to fiscal year 2007, federal tax receipts as a percentage of gross domestic product averaged 17.9%, with a range from 14.4% to 20.9%. 2009 tax collections, at 15% of GDP, were the lowest level of the past 50 years and 4.5 percentage points lower than Hauser's law suggests.
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