TAXATION

Tax Accounting Tax accounting is the process of preparing, filing, and managing tax returns for individuals, businesses, and other entities. It involves a wide range of tasks, including: 1. Tax Compliance:– Ensuring compliance with all applicable tax laws and regulations.- Determining taxable income, expenses, and deductions.- Calculating taxes owed on income, property, and other assets. […]

Definition: A benefactor is a person who is generous in providing financial or other assistance to others, often through charitable contributions. Etymology: The word “benefactor” derives from the Latin word “benefactor,” which means “one who benefits.” Notable Benefactors: Bill Gates: Founder of the Bill & Melinda Gates Foundation, the largest private charity in the world. […]

Active Income Active income is any income earned through the performance of services that are related to the owner’s own skills, efforts, and knowledge. It is income that is generated from sources that require the use of the owner’s personal abilities, rather than from the ownership or sale of assets. Examples of Active Income: Salary […]

Definition: The income tax rate is a percentage of a taxpayer’s taxable income that is paid to the government as income tax. It is a progressive tax rate, meaning that the rate increases with the amount of income earned. Calculation: The income tax rate is calculated based on a taxpayer’s taxable income and the applicable […]

Sure! Here are the definitions of “education cess” and “education cess” as per Wikipedia: Education cess: The term “education cess” is a slang term that refers to the practice of not educating someone. It is sometimes used in a humorous way, but it can also be used in a derogatory way. Education cessame: The term […]

Definition: A tax credit is a reduction in the amount of income tax liability that is allowed for eligible taxpayers. It is a direct reduction of the tax owed, rather than a deduction of expenses. Types of Tax Credits: Permanent tax credits: These credits are available to taxpayers on a permanent basis. Temporary tax credits: […]