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Which among the following is a Progressive Tax?

Which among the following is a Progressive Tax? Correct Answer Income tax

The correct answer is the Income-tax.

  • A progressive tax is directly related to the taxpayer's ability to pay.
  • Every year, we have to pay a fixed portion of our income to the central government in the form of income tax.

Key Points

  • As per the rule of the central government for Income tax, a certain tax is applicable on the income of all people as per slab.
  • Every business and person is supposed to pay the tax and the return is to be submitted every year.
  • Total funds collected through tax are used by the government for services as well as to fulfill the requirements for the country's development. 

Additional Information

  • The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.
  • The officials of the Board in their ex-officio capacity also function as a Division of the Ministry dealing with matters relating to levy and collection of direct taxes. 

Related Questions

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
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