"A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities."
The legal, financial obligations that a person has to their government according to their income.
Taxation Basics: This involves understanding the basic concept of taxation, tax laws, and how they are enforced in countries.
Income Tax: Income tax refers to the direct tax imposed on the income of an individual or a firm. This topic covers the calculation, filing, and payment of income tax.
Permanent Account Number (PAN): A PAN is a unique alphanumeric identification number issued by the Indian government to individuals and firms. This topic covers the use and importance of PAN when it comes to taxation.
Tax Benefits: This refers to the deductions and exemptions an individual or firm can claim to reduce their tax liabilities.
Tax Saving Investments: Tax saving investments refer to the investments made by an individual or firm in specific financial products that provide tax benefits.
Capital Gains Tax: Capital gains tax is the tax charged on the revenue made from the sale of an asset. This topic covers the calculation and payment of capital gains tax.
Goods and Services Tax (GST): GST is a comprehensive indirect tax imposed on the supply of goods and services in the country. This topic covers the basics of GST and its applicability.
Tax Deducted at Source (TDS): TDS is a tax deducted by the payer at the time of making a payment. The topic covers TDS calculation and the process of claiming TDS refunds.
Tax Planning: Tax planning involves planning your finances in a manner that reduces your tax liability. This topic covers the various strategies that one can use to plan their taxes.
Tax Compliance: This involves adhering to the tax laws of the country, including filing returns, maintaining records, and paying taxes on time.
Tax Audit: A tax audit is an examination of an individual or firm's books of accounts conducted by the tax department. This topic covers the process, types, and guidelines for tax audit.
International Taxation: This refers to the taxation laws pertaining to international businesses and transactions. The topic covers the calculations, documentation, and compliance of international taxation.
Tax Jurisdictions: Jurisdictions refer to the geographical areas where taxes are levied based on local laws. This topic covers the different types of jurisdictions and their applicability.
Tax Credits: Tax credits refer to tax incentives provided by the government to encourage certain activities. This topic covers the different types of tax credits and their applicability.
Tax Litigation: Tax litigation involves the resolution of disputes related to taxes in a court of law. This topic covers tax litigation procedures and guidelines.
Income Tax: This is the tax levied on the income earned by an individual or a business. The tax rate varies depending on the level of taxable income.
Capital Gains Tax: This is the tax levied on profits earned from the sale of a capital asset, such as real estate, stocks, or mutual funds.
Sales Tax: This is a tax levied on the sale of goods and services. The tax rate may vary depending on the state or country.
Property Tax: This is a tax levied on the value of property, such as land, buildings, and homes.
Estate Tax: This is a tax levied on the transfer of property or assets after the death of an individual.
Gift Tax: This is a tax levied on gifts given to other individuals during the lifetime of the donor.
Payroll Tax: This is a tax levied on the wages and salaries of employees, including deductions for Social Security and Medicare.
Excise Tax: This is a tax levied on specific goods and services, such as gasoline or tobacco products.
Inheritance Tax: This is a tax levied on the value of inherited property or assets.
Tariffs: These are taxes levied on imported goods to protect domestic industries from competition.
"Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief."
"The first known taxation took place in Ancient Egypt around 3000–2800 BC."
"All countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government."
"Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts."
"Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, environmental taxes, payroll taxes, duties and/or tariffs."
"In economic terms (circular flow of income), taxation transfers wealth from households or businesses to the government."
"This has effects on economic growth and economic welfare that can be both increased (known as fiscal multiplier) or decreased (known as excess burden of taxation)."
"Others such as libertarians and anarcho-capitalists are anti-taxation and denounce taxation broadly or in its entirety, classifying taxation as theft or extortion through coercion along with the use of force."
"Taxation enables the government to generate revenue without heavily interfering with the market and private businesses; taxation preserves the efficiency and productivity of the private sector by allowing individuals and businesses to make their own economic decisions, engage in flexible production, competition and innovation as a result of market forces."
"Certain countries function as tax havens by imposing minimal taxes on the personal income of individuals and on corporate income. These tax havens attract capital from abroad whilst resulting in loss of tax revenues within other non-haven countries."
"These tax havens attract capital from abroad whilst resulting in loss of tax revenues within other non-haven countries (through base erosion and profit shifting)."
"Ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief."
"Taxation is deemed necessary by general consensus in order for society to function and grow in an orderly and equitable manner through the government provision of public goods and public services."
"Taxation enables the government to generate revenue without heavily interfering with the market and private businesses."
"A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities."
"Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent."
"Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts."
"Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, environmental taxes, payroll taxes, duties and/or tariffs."
"These tax havens attract capital from abroad whilst resulting in loss of tax revenues within other non-haven countries."