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Posted on Aug 25, 2010
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What is mean by tax and service tax - Tally Computers & Internet

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What is Income Tax (IT)?
If you also want to understand what is actually income tax, then we are telling you in detail about Income Tax in Hindi.
In the budget every year, the country's finance ministers talk about income tax (IT), Sometimes the tax rebate is made in the income tax slab, and sometimes the tax exemption is increased-deductible. Any option for investment in income tax is talked about, then some of the ongoing income tax savings Talks about eliminating facilities or starting a new facility.

https://taxjankari.com/income-tax-information-in-hindi

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TAX:

A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.

SERVICE TAX

Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years, service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government is to gradually increase the list of taxable services until most services fall within the scope of service tax. For the purpose of levying service tax, the value of any taxable service should be the gross amount charged by the service provider for the service rendered by him.

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HOW DO I CHANGE MY TAXES RATE?

Please clarify the question. If you mean tax withholding rate, change the number of exemptions on your W-2. That won't change your tax liability at the end of the year, but will change your take home pay. If you mean actual tax rate, then you need to change the amount or source of your income, or change your tax deductions. Regarding source, I mean earned income vs investment income.
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Are there tax benefits to annuity plans?

Yes there are! The money you invest in an annuity plan is not taxed, its tax is deferred. This means that you don't pay taxes on the money now, but when you start to receive your annuity income during retirement it is taxes like a regular income tax.
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