ECONOMICS
FISCAL POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payroll Tax
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Income Tax
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Sales Tax
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Property Tax
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Detailed explanation-1: -Taxes are of two different types; direct tax and indirect tax. Taxes charged on income earned is called direct tax. Income tax is an excellent example of direct tax. On the other hand, an indirect tax is imposed by the government on a taxpayer for goods and services rendered.
Detailed explanation-2: -Income from House Property held by following shall be exempted : House property held by a local authority. House property held by a scientific research institution. House property held at a political party.
Detailed explanation-3: -The direct tax includes income tax, gift tax, capital gain tax, etc while indirect tax includes value-added tax, service tax, goods and services tax, customs duty, etc. The Central Government of India imposes taxes such as customs duty, central excise duty, income tax, and service tax.
Detailed explanation-4: -a. Determining Gross Annual Value (GAV) of the property : b. Reduction of Municipal Taxes(property tax): c. Determination of Net Annual Value (NAV): d. Reduction of standard Deduction 30% of Net Annual Value: e. Reduction of home loan interest: f. g. 21-Feb-2023