Question

Which of the following is an example for ‘Paper Taxes’ a) Income Tax b) Excise Tax c) Wealth Tax d) Customs Taxes

Answer 1

Answer:

Income tax ad well as progressive tax

Answer 2

Income tax is an example of paper taxes

Option a

Explanation:

• The income tax return is filled in a form(s)  and filed with the taxing authority. that is why it is referred to as paper taxes. The filing of income tax is a form of report of income, expenses and other important tax information.
• Tax returns allow  an individual who is filing the tax to calculate their tax liability, schedule tax payments, or request refunds for the over payment of taxes.
• The tax returns are normally filed in  most countries annually for an individual or business with filing an in regards to the wages,   interest, dividends, profits or more

To know more about Income tax returns

What is the purpose of filing an income tax return?

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