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Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: What is qualified business income deduction in taxation/accounting? And, how is it used to reduce…

A: Certain business owners can benefit from the Qualified Business Income (QBI) deduction. Taxpayers…

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

Q: Will the existence of unused tax losses always lead to the recognition of a deferred tax assets?…

A: Deferred tax assets arising from the deductible temporary difference because of different treatment…

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: Regressive tax is tax system in which low-income earners have to pay a significantly higher portion…

Q: What is the logic behind allowing tax loss carrybacks/carryforwards?

A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…

Q: what is the disadvantage of not providing deferred tax?

A: Deferred tax is an accounting method used to recognize the effect of taxes on the financial…

Q: what is mean by Tax evasion and what reasons the people do this?

A: Tax obligation represents the liability of the taxpayer towards the government for the payment of a…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

Q: What are the advantages of an indirect tax such as the VAT compared with an income tax?

A: The objective of this question is to understand the advantages of an indirect tax, specifically…

Q: How is tax accounting different from financial accounting?

A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…

Q: the difference between “tax evasion”, “tax avoidance”, and “tax planning”.

A: The differences for terms tax evasion,tax avoidance and tax planning are shown below

Q: What is an uncertain tax position, and what are the ­general guidelines for accounting for uncertain…

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Q: Briefly explain what factors significantly affect tax avoidance

A: Tax avoidance is a mechanism through which a taxpayer takes advantages of the loopholes in the tax…

Q: consequence of underestimating provisional tax

A: Provisional tax is the amount of tax to be paid by taxpayers earning income other than salary in…

Q: What Is A Deferred Tax Liability And What Is Its Purpose?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What is deferred tax liability and deferred tax liability in accounting?

A: A deferred tax liability:A deferred tax liability is an income tax obligation that is due for the…

Q: difference between Tax Avoidance and Tax Evasion

A: The question talks about two terms : Tax Avoidance and Tax Evasion Hence. Let's first understand the…

Q: How might a reduction in future tax rates affect deferred tax assets in a way that reduces current…

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Q: How does income taxation differs from transfer and business tax?

A: Income tax is a direct tax that governments impose on income generated by individuals and business…

Q: What is an assessment under the income tax assessment legislation? and why are assessments importa

A: Solution Return under income tax                 Every person whose income is taxable as per the…

Q: Why is the income tax payable not the same as income tax expense

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Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.

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Q: What is deferred income tax expense?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: What is Deferred Tax Liability and why it might be created?

A: A deferred tax liability is the temporary differences which is created when there are differences…