Tax and Income
Group Assignment
On
Computation of Income and Tax Liability of an Individual
Subject-ACT 322
Section-2
Prepared For
Professor Mahbubur Rahman (MbR)
Prepared By
Nymul Hasan Taseen (083 414 030)
Sharafat Halim (091 0615 030)
Abu Syed Arik Kibria (091 0622 030)
Abdullah Mohammed Zoboer Abhi (092 0096 030 - From Section 1)
Date of Submission – 21st April, 2012.
Of all the direct taxes, Income Tax ranks foremost. By nature and heritage, many of us tend to be just “free riders” in the society. We are little emotional and sometimes unreasonable in demanding more and more state services without the mentality to yield our due share to the cost of the exchequer. Tax laws and personnel connected therewith are many often thought to be inimical by the taxpayers. But it’s a reality that to safeguard our existence and interest in the society, every one of us must pay tax according to our abilities to keep the statecraft running.
What is Tax?
Definition
A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.
Taxation is not only a major means of public finance but also it plays a crucial role in ensuring a social and economic justice. The incidence of direct taxes Viz. Income-Tax, gift-tax cannot be shifted on others and it has to be borne by the person on whom it is levied. My efforts
On
Computation of Income and Tax Liability of an Individual
Subject-ACT 322
Section-2
Prepared For
Professor Mahbubur Rahman (MbR)
Prepared By
Nymul Hasan Taseen (083 414 030)
Sharafat Halim (091 0615 030)
Abu Syed Arik Kibria (091 0622 030)
Abdullah Mohammed Zoboer Abhi (092 0096 030 - From Section 1)
Date of Submission – 21st April, 2012.
Of all the direct taxes, Income Tax ranks foremost. By nature and heritage, many of us tend to be just “free riders” in the society. We are little emotional and sometimes unreasonable in demanding more and more state services without the mentality to yield our due share to the cost of the exchequer. Tax laws and personnel connected therewith are many often thought to be inimical by the taxpayers. But it’s a reality that to safeguard our existence and interest in the society, every one of us must pay tax according to our abilities to keep the statecraft running.
What is Tax?
Definition
A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.
Taxation is not only a major means of public finance but also it plays a crucial role in ensuring a social and economic justice. The incidence of direct taxes Viz. Income-Tax, gift-tax cannot be shifted on others and it has to be borne by the person on whom it is levied. My efforts