An _______ is a government tax on the taxable profit earned by an individual or corporation.

income tax

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sales tax

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property tax

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VAT

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Solution

The correct option is A income tax
An income tax is a government tax on the taxable profit earned by an individual or corporation.

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Similar questions

Q. Assertion (A): Companies pay tax on the revenue earned from selling goods and services.

Reasoning (R): The government imposes direct tax on individuals and companies.

Choose the correct option.

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In a country’s income tax system, an individual can earn Rs. 20,000, before paying taxes. The marginal rate of tax is 25% on income up to Rs. 50,000 and 50% on income greater than that. How much tax will an individual pay if she earns Rs. 1,00,000?

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Q. Compute the income tax payable by following individuals.
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35

years old and has a taxable income of Rs.

13, 35, 000

(ii) Mr.khan is

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4, 50, 000

(iii) Miss Varsha (Age 26 years )has a taxable income of Rs.

2, 30, 000

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An _______ is a government tax on the taxable profit earned by an individual or corporation.

The correct option is A income taxAn income tax is a government tax on the taxable profit earned by an individual or corporation.

The correct option is A income tax
An income tax is a government tax on the taxable profit earned by an individual or corporation.