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Junwhat is Property tax
A property tax or millage rate[1] is an ad valorem tax on the value of a property.[Note 1] The tax is levied by the governing …
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Junwhat is Balance sheet
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances …
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Junwhat is income tax
An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is …
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JunHistory of Income Tax
The concept of taxing income is a modern innovation and presupposes several things: a money economy, reasonably accurate accounts, a common understanding of receipts, expenses …
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JunCommon principles in income tax
While tax rules vary widely, there are certain basic principles common to most income tax systems. Tax systems in Canada, China, Germany, Singapore, the United …
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JunTaxpayers and rates
Individuals are often taxed at different rates than corporations. Individuals include only human beings. Tax systems in countries other than the USA treat an entity …
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JunResidents and non-residents
Residents are generally taxed differently from non-residents. Few jurisdictions tax non-residents other than on specific types of income earned within the jurisdiction. See, e.g., the …
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JunDefining income
Most systems define income subject to tax broadly for residents, but tax nonresidents only on specific types of income. What is included in income for …
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JunDeductions allowed
Nearly all income tax systems permit residents to reduce gross income by business and some other types of deductions. By contrast, nonresidents are generally subject …
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JunBusiness profits
Only net income from business activities, whether conducted by individuals or entities is taxable, with few exceptions. Many countries require business enterprises to prepare financial …
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JunCredits
Nearly all systems permit residents a credit for income taxes paid to other jurisdictions of the same sort. Thus, a credit is allowed at the …
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JunRoad Tax in India
In India, road tax is imposed by the respective state governments (lifetime and also annual for commercial vehicles) also, further there could be toll for …
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Junwhat is cess
Cess is a tax. Cess is generally levied for promoting services like health, education, etc. Government often charges cess for the purpose of development in …
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Junwhat is TDS (Tax deducted at source)
Tax deduction at source (TDS) in India is a means of collecting tax on income, dividends, or asset sales by requiring the payer (or legal …
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