Tax is a type of compulsory payment that has to be made by the taxpayer, means that the money which people have to pay to the government if they come under the category of taxpayer. This amount collectively gathered by taking tax is said to be used by the government for the people who work for the government. As it can be used to pay for the army and police personnel, or it is in the development of the country as in the building roads, bridges, etc. in other words it is the money that is demanded by the government to provide facilities to the people.
There are many types of taxes which people have to pay.
Company based tax depending on how much a company earns.
Depending on how much money a person makes.
It is the tax to be paid while buying anything. It is added to the total cost of the product you are buying. It is used as a mean to add in government’s revenue.
It is the tax to be paid by the person who owns a property like house or car.
This tax is to be paid when an individual official document gets approved.
It is the tax which is to pay when one dies, and his/her property is transferred. In an easy word the tax imposed when the ownership of assets is changed after the death of the owner.
It is the quantity based tax; it means that it is imposed on the amount of something and not on its price. For example, the government imposes the excise tax of 100 rupees on every gallon of gas purchased.
Taxes are also broadly categorized into three groups, which are:
These are the taxes whose rate is same. Everybody has to pay the tax on the same rate.
It is the tax depending on the income of someone like if one is making more money he has to pay more percentage of his income as tax. Person revenue and tax rate are directly proportional.
In this, the income of the individual and the tax rate is inversely proportional. Like if a person is making less money, but he has to pay more tax rate or percentage of their income as tax as in sales tax for poor people.
It is every individual moral and legal responsibility to pay government taxes. It is of your benefit as the government is using all this amount for your betterment. If everyone who is destined to pay tax pays the right amount of tax, then the poor people will also have some facilities which rich people enjoy. They can have an education when more schools built; they’ll have clean water to drink when money is being spent on sewerage system. Therefore, paying tax is very important for country’s development.
As paying taxes is every individual social and moral responsibility. The amount of tax is utilized in your country’s development. When you pay the tax you’ll have better-living facilities; you’ll have better schools, better roads, and much better salaries. There is a strong need to have a tool for calculation of estimated tax amount that is to be paid. So we have designed a tool best suited to your tax calculation requirements. Everyone wants to know the price he has to pay as tax, so use our tax calculator to get an estimate of the amount before time.
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