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- Dictionarytax/taks/
noun
- 1. a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions: "higher taxes will dampen consumer spending" Similar Opposite
- 2. a strain or heavy demand: "a heavy tax on the reader's attention" Similar
verb
- 1. impose a tax on (someone or something): "the income will be taxed at the top rate" Similar
- 2. make heavy demands on (someone's powers or resources): "she knew that the ordeal to come must tax all her strength" Similar
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A tax is a compulsory fee that is levied by a government on an individual or an organization to collect revenue for public works. Know more about the types of taxes, recent reforms, income tax, tax slabs, etc. on Groww.
Value Added Tax Meaning - VAT is the tax which is charged on the gross margin at every stage in the sale of goods. Tax is assessed and collected at each point, starting from the manufacturer until the product reaches the retailer.
Components of Goods and Services Tax. What does it mean? State Goods and Services Tax (SGST) SGST refers to the tax payable on the sale of services and products within a state. It replaces previous taxes, including Value Added Tax, Entry Tax, State Sales Tax, Entertainment Tax, surcharges and cesses. Central Goods and Services Tax (CGST)
Corporate tax is a direct tax imposed by the government on the income or profits earned by a corporation. Unlike individual income tax, which is levied on personal earnings, corporate tax is specifically targeted at business entities, including both domestic and multinational companies.
Jul 17, 2024 · Tax evasion and tax avoidance are often used interchangeably to describe these actions. However, they are distinct terms with the same goal which is to reduce taxes or avoid paying them. This blog explains to you the difference between tax evasion and tax avoidance.
If the amount of tax due in a fiscal year exceeds Rs.10,000, the advance tax must be paid. Advance tax payment is a system wherein taxpayers paying tax liability before the end of the year. Know more about its online payment, due dates, and calculations.
What is Depreciation in the Income Tax Act? Depreciation is discussed in Section 32 of the Income Tax Act of 1961. Depreciation is characterised as a decrease in the value of an object caused by wear and tear. People claim depreciation deductions only for accounting or taxation purposes.
Tax Deducted at Source is a type of advance tax that the Government of India levies on a periodic basis. The overall deducted TDS is claimed as a tax refund after a taxpayer files the Income Tax Return.
The Finance Act, 2005 states – Perquisites will be taxed by the government when such benefits have been provided or are considered to have been provided to employees by employers. Ideally, perquisites are taxed at the rate of 30% of the entire value of the availed fringe benefits.
Goods and Services Tax (GST) is a value-added tax levied on the supply of goods and services for domestic consumption. GST is, therefore, an all-encompassing, single indirect tax law for the entire country.
