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| *The Commerce Journal>>>India Taxes |
Defination? |
hi Income tax is a tax on the earnings of the taxpayers. Its function is to provide revenue to governments so that they can provide services to their society. Income taxes are also used to influence the actions of taxpayers by adding conditions on how the tax is calculated. for example, taxpayers may be allowed to deduct from income contributions they make to charities, which is intended to stimulate charitable giving, or a high tax may be placed on gambling income to discourage gambling. An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). |
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| Related information |
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