BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income Tax is paid by
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people who earn money at a job
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people who do not have a job
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the government so they can hire more employees
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None of the above
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Explanation:
Detailed explanation-1: -Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses.
Detailed explanation-2: -Your employer deducts a portion of your salary every month and pays it to the income tax department on your behalf. Based on your total salary for the whole year and your investments in tax-saving products, your employer determines how much TDS has to be deducted from your salary each month.
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