give the
difference between Income tax,corporate tax, professional
tax, Entertainment Tax?
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Answer / prince
Corporate (or corporation) tax is paid by companies. Depending on the law of the nation concerned, it is charged on profits, on turnover or on certain sales - or of course a combination.
Income tax is paid by individuals and is a portion of their earnings and other income taken by the state.
Since a trading company must make a profit to survive and when setting prices will include their taxes as an essential expense, all these taxes (plus any others governments dream up such as duty on petrol, tobacco and alcohol)) are, in the end, paid by the individual citizens. There is no free lunch: you cannot spare the citizens by taxing the businesses.
That is the weak point in the current policy of punishing the banks by taxing them. The banks are in a strong position when faced with the ordinary customer, and will recover the money by taking it out of our skin.
In the end the common man is, has always been, and (I am afraid) must always be Jack-pay-for-all. For ever at the bar buying, but never tasting the beer.
| Is This Answer Correct ? | 16 Yes | 5 No |
Answer / chaitanya
corporation and entertainment taxes are indirect taxes
but where as income tax is adirect tax
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