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Get Taxation Assignment Help By Experienced Professionals In Tax
Every country's citizens are supposed to pay some of their income to the government; that part of their earning is known as tax. The government levies tax to invest that money to develop the nation. Therefore every citizen should know the rules and regulations of the government for taxation. The scope of taxation is so wide; it assures a promising career to students.
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What is taxation?
Tax is a part of the citizens' earnings paid to the government's taxing authority. The government imposed this tax liability on citizens to develop and grow the country. The tax collected by the government is used to improve health care, infrastructure, defense, education, etc. it is a source of income of the government used for the welfare of the people of the country. Therefore every citizen should be aware of the taxation system of the country.
Different types of taxes
Income tax: The government directly levies this type of tax to the person earning that income. It is a compulsory extraction of income by the government. The burden of income tax can not be transferred to another person.
Toll tax: These types of tax charged by the government on the vehicles traveling via roads, tunnels, etc. the amount charged depending upon the type of vehicle. For more information regarding toll tax, you can take help from our experts.
Corporate tax: It is a tax charged by the government on corporations' net income. Corporate tax can be reduced by various deductions, subsidies provided by the government.
Property tax: These types of taxes are paid against the purchase of property, land, or home. It is charged by the local government where that property is located.
Sales tax: These types of taxes imposed by the government on sales of certain commodities. The seller usually collects this tax from the consumer at the time of purchase.
Inheritance taxes: This tax is levied on the person who inherited the property of the deceased person. The beneficiary of the property is responsible for paying the tax. To know more about inheritance taxes, you can take help from our experts.
Capital gain tax: A profit that arises from the sale of 'capital assets' is called capital gains. This profit comes under the 'income' category, and hence you will have to pay tax for that amount in the year in which the transfer of capital assets occurs.
Excise tax: The government charges this tax on the sales of specific goods and services such as alcohol, fuel, and tobacco. It is an indirect tax levied on the producer.
Payroll tax: It is tax paid by the employer on behalf of an employee to the government. Therefore the employer takes a fixed amount from the employee earnings.
These are some different types of taxes levied by the government on the citizens.
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Topics Provided By Our Experts In Taxation Assignment Help
History of taxation
Distribution of tax burdens
Ease of administration and compliance
Principles of taxation
Taxation law
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Tariffs
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Students must possess these aspects to write taxation assignments.
you must know taxation law and rules
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