TAXATION

Taxation

Taxation of Individuals and Business Entities

Taxation

A tax is a payment made to the government by an individual who has earned a certain amount during a year. Income tax is a most important basis of income to the government. In other words, it is an amount charged by a government on products, income, or activities. There are two types of taxes direct tax (which charged, on personal and corporate income directly) and indirect tax (which is charged on the prices of services and goods).

The Income Tax Act

The Income Tax Act is not just framed to squeeze out money from people, which is, ...