In today's world, we get salary and from salary we give a part of our income to the
government which is called taxes. So do you think why government need money? and why do we pay taxes?
We hate them and also complain about it. So in this article you'll get your all answers about the taxes you'll also get know about the types of taxes and many more things. So let's start with the topic
Taxes are the most important element of any economy around the world.
there are structural elements of modern society . we get all the benefits of modern society by a taxes.
So taxes are collected by the government of income staxe department income tax is different from shop taxes.Income Tax Act 1961 act it is the act which govern the income tax promisions.
Why we pay income tax?
Firstly taxes are source of revenue for the government government utilise this revenue from developing a infrastructure providing Healthcare education subsidy to the farmers agriculture sector and in another government welfare schemes
Without access we can't not to get all the facilities of a modern society
tax is a mainly of two type
direct tax
indirect tax form.
Direct tax - tax left directly on the income earn is called a Direct tax. For example income tax is direct tax
The tax calculation is based on the income slab rate application during the financial year
Direct taxes of broadly Classified on the following
Income tax - this is a text which the individual person gives from their income received the law describe the rate at which such income should be tax
Corporate tax - this is the text that company spay on the prophet they make from their business here again a specific rate of a text for co-operate has been described by the Income Tax law of India
Benefits of income tax
Address proof
Loan processing
Nation building
Welfare scheme for loan and middle class
High quality of education HOSPAILTY
The tax help mainly need people from the recipient which Pay indirect for the services to the government they can help government in order to give services they not only on funds from Texas day on from many more forms like government banks, government ,insurance policies , government libraries, government Railway and many more
When the expenditure is higher then all money on in that case they came to borrow money from reverse Bank at the interested but government cannot take unlimited money they can borrow money by their GDP of country
Now let know how tax is calculated on the ome of the individual??
Let asume that yearly income is 20 lakh so how much tax you have to pay mainly people say 30% of a 20 lakh equals to 6 lakhs which is wrong the tax you have to pay is 429000.The high way to calculate taxes firstly check all the tax rate based on your income so fastly government gives the benefit on the 2.5 lakh so you have to pay a text at 2.5 lakhs above but you have to pay tax on the rest of the money so with 2.5 lakh to 5 lakh the interest rate is 5% which is equal to 12500 and then with 5 lakh to 10 lakh interes latest 20% which is equal to 1 lakh and from 10 lakh to 20 Lakh interest rate is 30% which is 3 lakh with this total taxes 412500 next time the calculate tax with this way so you cannot be fraud by anyone .
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