TAX is a word that is derived from the Latin word taxo which is meant by- a compulsory and required financial charge or it can be the form of money charges that are imposed on a taxpayer (or an individual) by a governmental authority or organization, which has the ultimate objective to fund various public expenditures that can be contributed in the welfare activities like to provide free education for rural children or disadvantage group of children and thereby lead to country’s development . As per the rules and regulations in the law of country if a person fails to pay the required tax then the person is liable to be punished by law. It is then dependent on the decision taking authorities that how they want to punish that person either by imposing fine or by sealing illegal expenditures (as per the law or that is collected by that person) or anything that allows them to do as per the law rules.
Meaning of ‘Taxation’ and the laws that come under:
Just like the meaning of Tax, Taxation is the same. It is nothing but only Tax. It is that mandatory money collection by a government (or levying authority that imposes tax). The definition of “taxation” particularly includes or connected with all types of involuntary levies that are related with income to capital gains to estate taxes. Talking about the nature of the word, taxation can be a noun or verb. It is generally connected with an act and the resulting revenue is nothing but ultimately called as “taxes.”
Taxation Assignment Help will let you know the meaning or the complexity of the word Taxation. Taxation is a little the technical word that is defined in complex manner than that of “taxes” and there has been appointed authorities (by the government) that handle such taxations. In official terms or manner, taxation is a financial charge that is applied or imposed on the taxpayer by any government body of the state. Furthermore, avoidance of tax or not willing to pay tax by the taxpayer makes the person to face criminal liability. Some people may not feel the need to pay tax but being the member of the society it becomes their core responsibility to share or contribute some of their income in the development of the country. The charges in the form of tax that is collected by the government or any of its organizational body are further used to spent on some more important functions like the expenditure is used on people injured in war or it is used for social engineering or the security professionals or developing health sectors or advancing the education system, and much more. If you will get familiar with the concept of tax or taxation and economic cycle of the state then you will definitely be able to gain the understanding with the taxation clauses and to develop the honest sense too.
Proceeding in the broad sense, taxation assignment help will let you know the types of Taxes that will further make you more familiar with the term. Taxes can of following types including:
- INCOME TAX
this kind of tax is generally put on the net profits from business or the net gains, and other income. There is a personal income tax that the people , earning a particular quantity of income, need to pay (falling under the category of tax payer) at the end of the tax year.
- PROPERTY TAX
the owner of the property pays this tax to the government of the state where the property is situated. There are further three varieties of property: land, immovable man-made property such as buildings and personal property or the movable property such as jewelry, computer system etc. Immovable property comes under the category of improvements to land.
- TAX ON GOODS AND SERVICES
Sales tax, Value Added Tax (VAT), excise, tariff are some of the types of taxes that are made on goods and services under different-different issue. Sales tax is what imposed on a commodity, value added tax, now called as Goods and Services Tax (G.S.T) is imposed on every product and excise is connected with the goods during the process of their manufacturing, their production or distribution.
There are also other categories of taxes that allow a person to pay against different commodities. Some of these taxes are payable by an ordinary appropriate earning person or some are payable by only businessman or business managing authorities. The fact is just that to live within the society, you would have to contribute some of your hard work to the development of the state or the country which you can only do after understanding the vast field of taxes and taxation.