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The tax law imposes income tax at 25 percent on listed entities and 32.5 [2] percent for non-listed entities. Corporate tax rate changes announced this year include: an additional surcharge of 2.5 percent on income of companies in the tobacco sector
Income Tax Department. The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill ...
Individuals pay an income tax (13 percent), land tax (0.3 percent of the land's cadastral plot which is calculated by a special formula) and vehicle tax (which is ...
Corporate tax rates generally are the same for differing types of income, yet the US graduated its tax rate system where corporations with lower levels of income pay a lower rate of tax, with rates varying from 15% on the first $50,000 of income to 35% on incomes over $10,000,000, with phase-outs.
There are many types of tax, mainly affecting households and businesses. There is a distinction to be made between those liable to pay tax and taxpayers (economic agents who pay tax are called taxpayers, while taxpayers are those who actually bear the burden of tax). People having their tax residence in France are subject to French tax. Thus ...
A poll tax is a tax of a fixed sum on every liable individual (typically every adult), without reference to income or resources. Various privileges of citizenship, including voter registration or issuance of driving licenses and resident hunting and fishing licenses, were conditioned on payment of poll taxes to encourage the collection of this tax revenue.
Corporate income tax as a share of GDP, 1946–2009. Corporate income tax is imposed at the federal level [2] on all entities treated as corporations (see Entity classification below), and by 47 states and the District of Columbia. Certain localities also impose corporate income tax.
The amount of income tax withheld is treated as a payment of tax by the person receiving the payment on which tax was withheld. Employers and employees must also pay Social Security tax, the employee portion of which is also to be withheld from wages. Withholding of income and Social Security taxes are often referred to as payroll tax.