GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Wealth tax
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Interest tax
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Corporation tax
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Personal income tax
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Detailed explanation-1: -Personal income tax-it is based on the principle of ability to pay. The tax levied by the union government on income of individuals is known as income tax.
Detailed explanation-2: -Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax Law classifies the year as (1) Previous year, and (2) Assessment year.
Detailed explanation-3: -An income tax is levied by the government on the income given by people and corporations during a fiscal year. The government generates revenue through taxes. The government spends this money on infrastructure development, healthcare, education, farm subsidies, and other government welfare programs.
Detailed explanation-4: -Professional tax, VAT, and motor vehicle tax are some of the taxes that are levied and collected by the state. When it comes to taxes levied on individuals or organisations, there are two broad types of taxes.