Taxes in India are levied in India by the central government‚ state government and the local governing bodies like the Municipality and the Local Council. In a developing country like India‚ the government has to make fiscal policies to promote the economic growth and development of the country. In order to materialize these policies the government needs capital and for this taxes are levied from individuals and businesses. So it is very important that every citizen should pay tax to the government
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Direct Taxes: A Direct tax is a kind of charge‚ which is imposed directly on the taxpayer and paid directly to the government by the persons (juristic or natural) on whom it is imposed. A direct tax is one that cannot be shifted by the taxpayer to someone else. The some important direct taxes imposed in India are as under: Income Tax: Income Tax Act‚ 1961 imposes tax on the income of the individuals or Hindu undivided families or firms or co-operative societies (other tan companies) and trusts
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Describe your favorite hobby‚ pastime or sport and explain how it reflects your personality. I am a strong believer of the fact that sport is a very good starting point where one can develop important personal traits like leadership‚ commitment and team spirit. My favorite sport is cricket where each team takes it in turn to bat‚ attempting to score runs‚ while the other team bowls and fields and at the end‚ the team which score more runs‚ wins. I was exposed to cricket for the first time at the
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• “Sin taxes” on cigarettes and alcohol are designed to boost revenue‚ not improve public health • Minimum alcohol pricing will exacerbate poverty and entrench inequality without discouraging binge drinking • Most of the costs of drinking and smoking fall on individual consumers‚ not the public. There is no economic justification for increasing taxes on smokers and drinkers. In a report released today‚ The Wages of Sin Taxes (Download PDF) by Christopher Snowdon‚ the Adam Smith Institute condemns
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28-Crash Course World History Video Notes Tea‚ Taxes‚ and the American Revolution 1. The issuing and eventual repealing of the Stamp Act would only embolden the colonists when the British tried to put new taxes on the Americans in the form of the _____________________ acts. 2. These led to further protests and boycotts and most importantly‚ more __________________ among the colonists. 3. As previously noted‚ the _____________ ______________ benefited tremendously from the ______________ of consumer
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and King Louis’ enormous expenses‚ the country of France fell into much accumulated debt; therefore‚ the taxes on the common people were very heavy‚ and debt upon the country could be seen in its people... Now what of the other Social classes one might ask? The church‚ royal family‚ and the nobility didn’t have to pay taxes because King Louis absolved them from it. The upper class set high taxes on the common people to save themselves from debt‚ but to
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1. How do payroll taxes levied on the earnings of workers affect their decision about how much leisure they consume? Americans during our time are living much longer and the payroll taxes levied on the earnings of the workers are not going to be enough to pay for those who are retiring. The affects of the decision about how much leisure they may consume will depend on if the real wages keep pace with the benefits offered in retirement. The fossils of today are very expensive and are now consuming
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in the American Revolution and the Seven Years’ War‚ much to the frustration of the French people. Taxes were raised to support France in the New World‚ while New World battles were paid for in debt. Taxes could not be raised high enough to erase the massive debt that was engulfing the country. The clergy and nobility were apparently unfazed by the debt‚ with the commoners carrying the massive taxes. The immature King Louis XVI did his part to increase both the national debt and his belly; he was
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Chapter V1‚ Laws of the Federation of Nigeria (LFN) 2004. The tax is administered by the Federal Inland Revenue Service (FIRS). Rates and scope Rates The standard VAT rate on goods and services is 5%. Value for VAT purposes includes customs duties‚ taxes‚ commission‚ transport‚ insurance and other charges‚ where applicable. Other than the standard-rated goods and services‚ some goods and services have been classified as VAT exempt‚ while others are zero-rated. Scope The standard rate applies to all
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Sin taxes a burden on consumers With sin taxes constantly rising consumers must wonder who is paying for the tax that is levied on the good or service. For some goods and services the tax is shared but tax on other goods and services‚ depending on the elasticity of the demand or supply‚ are sometimes completely paid by the consumer or producer. Sin taxes are a tax levied on products or services that is supposed to help the government correct the damages that the product or service causes.
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