please provide reflection for income tax and what would like to learn more about?.

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Expert Solution

Solution:

Q1: What do you mean by Income tax?

Income tax is a form of direct taxes which is paid by the taxpayer on his or her income. Under direct taxes the burden of taxes cannot be shifted which implies the financial charge is direct i.e. you have to bear the tax liability on your income rather you shift the burden of taxes like in case of indirect taxes.

Q2: Basic Premise of Direct taxes?

The basic premise of direct taxes are given below:-

(1) It is a form of direct tax charge with no reciprocal benefits.

(2) It is progressive in nature i.e. the burden of tax liability will increase with the increase in income level and vice versa.

(3) Direct taxes is one of the prime source of revenue collection for the government for the nation's development and growth.

Q3: Is it a legal binding?

Solution: It is a compulsion on every taxpayer to pay taxes without any excuse but it is more than that i.e. The liability of financial charge i.e. income tax is not confined to legal aspect only but also morally every taxpayer who is getting income opportunities from the state as well as enjoying the facilities provided by the concerned society or state should pay taxes.

ekkarill92 answered 9 months ago

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