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Who receives income from Income Tax ?

Who receives income from Income Tax ? Correct Answer Central Government

Solution

The correct answer is Central Government

Key Points

  • The term income tax refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction.
  • Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
  • Income Tax is taxing an individual or any taxpayer other than companies, pays on the income received.
  • Corporate Tax is the tax that companies pay on the profits they make from their businesses.

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.
In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market
Income up to Rs. 5,00,000 is tax-free. Up to Rs. 10,00,000, income above Rs. 5,00,000 is taxed at 10% and if the income exceeds Rs. 10,00,000, the tax rate is 20% for income above Rs. 10,00,000. If the income of X is Rs. 15,00,000, then what percentage of his income will be paid as tax?
In the following question, sentences of a paragraph have been jumbled and labeled as A, B, C, and D. You are required to rearrange the jumbled sentences in the right order to form a meaningful and coherent paragraph and mark your response accordingly by selecting the correct option. A. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. B. The concept of GST is that it is an “Indirect Tax”, ie, this tax is not directly paid by customers to the government, but is rather levied on the manufacturer or seller goods and the providers of services. C. GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. D. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer.
Given below are two statements: Statement I : Deferred Tax Liabilities (Net) is the amount of tax on the temporary difference between the accounting income and taxable income. It arises when the accounting income is more than the taxable income. Statement II : Deferred Tax Liabilities (Net) and Deferred Tax Assets (Net) are only book entries i.e. they are neither actual liability nor actual asset. In the light of the above statements, choose the correct answer from the options given below:
The sumof the pre-tax costs of items A ans item B is Tk. 300. In dhaka, each item would be charged a flat 7% tax. In Rangpur item A is subject to 5% tax and item b is subject to 10% tax. If the tax in Rangpur on the purchase of both items is exactly Tk 3 more than it is in Dhaka, than what is the pre - tax price of item A?
The following sentences form a paragraph. They are numbered a P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in a correct order. P. Also, the customers will have funds to spend because of lower tax rates.  Q. The Goods and Services Tax (GST) is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. R. It will substitute most other indirect taxes and synchronize the differential tax rates on mass-produced goods and services. S. The government of India claims that GST will enhance Indian GDP by 2%.
As per the Budget Estimates of 2019-20, the following are some of the important sources of tax receipts for the Union Government: 1. Corporation Tax 2. Taxes on Income other than Corporation Tax 3. Goods and Services Tax 4. Union Excise Duties Which one of the following is the correct descending order of the aforesaid tax receipts as a· percentage of GDP?
Consider the following important sources of tax revenue for the Central Government in India: I. Union Excise Duty II. Corporation Tax III. Income Tax IV. Service Tax Which one of the following is the correct descending order in terms of Gross Tax Revenue?
Statement I): If the tax liability has been reduced within the legal framework, it is tax planning. Statement II): If tax liability has been reduced to get the benefit of deduction available under the income tax, it is called tax evasion. In the context of the above two statements, which one of the following codes is correct?