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TAXATION

FROM YASHWANT JAIN

BBA 3RD SEM

PPT PRESENTATION

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a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times..

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KEY TAKEAWAYS

  • Taxation occurs when a government or other authority requires that a fee be paid by citizens and corporations, to that authority.
  • The fee is involuntary, and as opposed to other payments, not linked to any specific services that have been or will be provided.

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  • Tax occurs on physical assets, including property and transactions, such as a sale of stock, or a home. 

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4. Types of taxes include income, corporate, capital gains, property, inheritance, and sales.

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Paying taxes to governments or officials has been a mainstay of civilization since ancient times..

the imposition of compulsory levies on individuals or entities by governments in almost every country of the world.

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Different Types of Taxation�

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Purposes and Justifications for Taxation�

1. THE MOST BASIC FUNCTION OF TAXATION IS TO FUND GOVERNMENT EXPENDITURES. VARYING JUSTIFICATIONS AND EXPLANATIONS FOR TAXES HAVE BEEN OFFERED THROUGHOUT HISTORY

2. Early taxes were used to support the ruling classes, raise armies, and build defenses. Often, the authority to tax stemmed from divine or supranational rights.

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