Looking for some help with your personal tax return?
Different sources of tax for the government-
Tax is levy for the citizens it is a statutory as well as mandatory payment made to the government. But what about Income Tax? The fixed percentage of income which is paid as a tax to the government is called income tax. The fixed percentage of the cost of goods which is paid as a tax to the government as a percentage of the value of goods manufacturers then it is called excise duty. The fixed percentage of the value of goods entering the city then it would be called octroy and when we pay the percentage of the value of goods sold then it is called VAT and when we pay to the government for the percentage of the value of services rendered then it would be called service tax.
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