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Who is not aware about the concept of Taxation. We make money and pay some part to the government for the services to ensure that we see an overall infrastructure development and growth.However, technical definition of Taxation is quite complex. In official termsn it is the financial charge that is imposed on the taxpayer by a state or any other equivalent body.Moreover,tax evasion is a crime punishable by law.
Money that government or state collects via taxes is used to carry out many functions. Few of the important functions are social engineering, expenditure on war, education system, health system and much more. Once you read about the concept of economics and tax cycle, you will be in a better position to deal with it. Moreover, you can take assistance from our academic experts with your assignments.
Income Tax: It is the situation where tax is imposed on the net profit from a business and other income. One has to file an income tax return at the end of the year. Moreover, it varies from state to state in the US.
Corporate Taxes: It refers to income, capital, net worth, or other taxes imposed on corporations. There can be a difference in the rates of tax. Moreover, taxable base for corporations may differ from those for individuals or other taxable persons.
Property and Inheritance Tax: It is another common tax that is levied once you inherit some property from your family.Also, you need to pay money to the government in case you are earning something out of it.
These are the basic taxes, but there are many more in the area of taxation. We haven not discussed much in the details because the topic is really vast. Still you can learn about the topic in details using various resources on the internet or use our taxation assignment help service.
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