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Accounting For Income Taxes Journal

Income Tax simple definition: Wondering what's tax and the way does it work? Income tax in India may be a tax paid by individuals or entities counting on the extent of earnings or gains during a fiscal year. The Government of India decides the rate of income tax as well as income tax slabs on which individuals are taxed. Those under higher income slabs are taxed at higher rates. The taxable income slabs are changed from time to time, keeping in mind the price levels. Taxes levied on the earnings of companies and individuals are referred to as income taxes. Earnings subject to income taxes can come from diverse sources, including wages, salaries, dividends, interest, royalties, rents, gambling winnings, and merchandise sales. In the United States, income tax is one of the biggest sources of revenue for the federal government. The U.S. income tax system is a voluntary system. Not in the sense that paying income tax is optional, but rather the federal government depends on each taxpayer to voluntarily report all of their earnings on a tax return and compute the appropriate tax themselves. The IRS enforces tax laws and ensures that everybody pays tax properly. The agency gets a replica of a person’s W-2 form annually, and if she doesn't file a return, the agency can easily calculate her tax and send her the bill. The IRS can also charge interest and penalties to people who pay tax late, and file lawsuits against tax evaders.

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Citations : 131

Journal of Child and Adolescent Psychiatry received 131 citations as per Google Scholar report

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