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Income Tax
By : Ansh21 |
Members :2
Location : India ,
Type : Public
Created on :
08 Aug 2013
Last Updated on :
08 Aug 2013 |
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Findfriendz / Clubs / Business & Finance / Income Tax
Income Tax
An income tax is a tax on individual earnings (income) that is paid to the national government. In American English the term also applies to the same type of tax paid to city, state, or local governments, and is occasionally used in reference to corp orate profits as well (as this is also considered income in American English).
Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Various systems define income differently and often allow notional reductions of income (such as a reduction based on number of children supported). The US states of Florida and Texas have no state income tax, which is one reason that many people with substantial assets live there. More
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