Which of the following statements are correct? i. A tax is a statutory obligation that is imposed by an act of parliament in a country. ii. A tax is any deduction taken from a person’s salary by the government. iii. Taxation is the major source of government income. iv. Direct and indirect taxes are the two broad categories of taxation.
Which of the following statements are correct? i. A tax is a statutory obligation that is imposed by an act of parliament in a country. ii. A tax is any deduction taken from a person’s salary by the government. iii. Taxation is the major source of government income. iv. Direct and indirect taxes are the two broad categories of taxation.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 1DQ: According to the Supreme Court, would it be good tax policy to use income as computed by financial...
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Which of the following statements are correct?
i. A tax is a statutory obligation that is imposed by an act of parliament in a country.
ii. A tax is any deduction taken from a person’s salary by the government.
iii.
iv. Direct and indirect taxes are the two broad categories of taxation.
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