Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Experience the convenience of getting reliable answers to your questions from a vast network of knowledgeable experts. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Eliminating withholding would go against the convenience criterion, which states that a tax system should be made to make it easier to collect taxes without putting an undue burden on either taxpayers or the government (i.e., a tax system should make collection as easy as possible).
Eliminating withholding would have probably hindered tax collection and boosted aggression among taxpayers (or tax evasion). Prior studies indicate that when taxpayers owe higher taxes upon submitting their return, they are more prone to pursue more aggressive tax stances.
What is income tax?
Income tax is a type of direct tax that governments impose on the earnings of their constituents. The central government must levy this tax, according to the Income Tax Act of 1961. In its Union Budget each year, the government has the authority to alter the tax rates and income brackets.
Income does not just refer to funds received in the form of wages. It also includes "revenue from other sources," which includes income from real estate, corporate earnings, professional gains (such as bonuses), and income from capital gains. Additionally, the government frequently offers some wiggle room so that different deductions can be made from a person's income before the amount of tax to be levied is determined.
to know more about income tax please check the link given below:
brainly.com/question/15058781
#SPJ4
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.
