Taxation Assignment Help

Students studying accounts and business management are often the ones who will be making the money in the future. The business schools make sure that the children are very well versed with several aspects of the industry.

A subject like taxation is taught in-depth to the students so that they may have keen subject knowledge. But to do so, business schools often burden the students with excessive homework and assignments, which students find very troublesome to complete. The limited-time period to finish the assignment and a load of doing extended research work to make the assignment often make it difficult for students to achieve these goals.

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Here are Some Taxation Sample Questions:

Here are some sample solutions to these questions.

Let’s discuss the concepts of taxation elaborately to answer the questions

Taxation is the system by which a government can raise funds for various public welfare services, from the public. The citizens of a nation pay taxes on several levels, which is utilized by the government for conducting various tasks.

The taxation system varies according to the government rules and norms. The burden of taxes is distributed between the different sects of people in the society such as consumers, producers, employers, and professionals.

The various taxation systems are:

• Income tax – The amount of tax payable to the government depends on the income slab a person’s income lies in. A lower wage person will have to pay a lesser tax than as compared to a higher income group individual.

• Consumer-based tax: The customer pays tax on various services he is availing, which is based on the cost price of the product.

• Progressive taxation system: The payable tax of a person increases as the taxable base amount increase, for example, when an employee receives a promotion, he receives a greater amount of monthly income. This applies that the tax he will pay will also increase.

• Regressive taxation system: The taxation system lays a greater tax burden on the poor and lesser on the richer section of the society. For example: implying tax on the basic kitchen items.

• Proportional: the tax amount payable by each person remains equal irrespective of his income.

There a variety of taxes based on the nature of excision.

Classification of Taxes

1. Direct taxes:These are the taxes citizens directly pay to the government. Income tax is an example of a direct taxation system, where the citizen pays tax according to his income slab.

2. Indirect taxes:These are the taxes that we indirectly pay to the government for the services we avail of and which are included under the taxation criteria. For example, Value-added Tax and Goods & Services Taxes are applicable on various products, commodities, and services that we avail of.

Importance of Taxation

• Taxation provides the government with the finance it requires to carry out its duties and welfare. The government invests the money in defense, warfare, and welfare.
• It is required to carry out the external affairs of the country and the payment of the government officials.
• The infrastructure of the nation is built, public services like healthcare, education, road construction, and housing are done
• Better roads and communication aids business growth, promoting the country’s economy.
• The government can invest in medical sciences, research & development by offering fellowships to scientists.
• Public education systems lead to a well-educated youth, which is crucial for the country’s development.
• A good taxation system helps to bring inequality in the nation by avoiding the exploitation of the poor.
• Taxation on undesirable activities like liquor, tobacco, etc. helps to discourage these activities, which might pose a potential health risk in the future. This saves the country’s economic burden of diseases and makes people think before choosing to buy these products.

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