What is Taxation? A Complete overview of Taxation Law

1
(No Transcript)
2
Knowing all about taxes is very essential for
scholars learning taxation. I am going to explain
the basics of taxation that will help you
understand its various aspects and ease your
assignment making task."The financial
contribution done by an individual, a firm and
others to the government of the nation and state,
for meeting the expenses done for the betterment
of society is termed as tax". This charge is
imposed on the taxpayer for benefiting the people
of the nation. Taxation is very crucial for
strengthening the economic condition of the
country. The government and authorities collect
revenue from the public in the form of taxes.
They use the collected taxes for social welfare
in different forms, such as - construction of
roads and dams, paying salaries to government
officials like the army, police, etc., for
running hospitals, schools and other education
centres, offering food, shelter, and health care
to the needy, etc. Taxes are essential for a
country or a nation without which its government
cannot perform well.In simple terms, we can
define taxation as, "The part of the public's
income that the government collects and uses for
the betterment of masses".
3
Taxation is necessary as it holds different
characteristics. That is noted-below.

• Tax is a compulsory contribution required for the
  welfare of society.
• It is the responsibility of all to contribute.
• This charge is paid according to the total income
  of the payer.
• It requires legal sanction.

4
Various types of taxes are as follows

• Direct tax - Taxes that public directly pay to
  the government is called a direct tax. It is paid
  by the taxpayer directly to the respective
  government authorities. For the example income
  tax.

• Indirect tax Taxes that public pay indirectly
  to the government of the nation is known as
  indirect tax. These types of taxes cannot be seen
  by potential consumers, such as - service tax.

5
STRUCTURAL BRAIN CHANGES

• Corporate tax - Corporate tax is paid on the
  earning of the business.

• Capital gains - This type of tax is levied on the
  profit earned by businesses or people from the
  sale of assets like - bonds, real estate or
  stocks.

• Inheritance - Inheritance tax is levied on the
  people who inherit the property of a deceased
  person.

6
(No Transcript)
7
THERE ARE MUCH MORE THINGS TO KNOW ABOUT
TAXATION, ITS TYPES AND ITS BENEFITS. SCHOLARS
LEARNING THIS SUBJECT ARE ASSIGNED COMPLEX
ASSIGNMENTS AND TO FINISH IT WITHIN THE DEADLINE.
THESE TASKS REQUIRED A LOT OF TIME AND KNOWLEDGE,
AND SCHOLARS FACE THE LACK OF BOTH SO, THEY NEED
TAXATION ASSIGNMENT HELP FROM ACADEMIC EXPERTS.
8
Visit
Taxation law assignment help