mean of income tax?

Question

defination of income tax by different economist

Answer 1

Income tax is a direct tax which is levied on the income of private individuals. Various income tax systems exist, ranging from a flat tax to an extensive progressive tax system.

Answer 2

Income Tax is basically tax on your Income. Rest for more information, you can visit: www.onlinelawsolutions.com

Answer 3

You are living in a country and utilizing the facilities provided by the government. In return Govt can expect only Tax from you in different form. In which Income Tax comes under direct tax category

Govt sharing your income and giving back to you in way of facilities like roads, water supply etc. Currently in India till Rs. 1 Lack for Gents and Rs. 1.5 Lacks for women are exempted from IT. This is after deduction like HRA, LTA etc etc.

If somebody steals that in between that is different. But by logic no govt can work without tax.

Answer 4

income tax is a tax on the earings of people

Answer 5

income tax is tax deducted by the government for the running of government (administration,salaries,defence,education,healthcare ,etc.).it is calculated by different formulas for different sources of income,e.g.,traders,employees,industries,etc.
overall you can say that the tax deducted from total income ,from all sources, of a person/company/....is known as income tax.

Answer 6

Definitions of Income Tax on the Web:

The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
www.canequity.com/mortgage-resources/

Taxes levied on net income—that is, on gross income less certain deductions permitted by law. These taxes can be levied on individuals, corporations, or unincorporated businesses where the income is taxed distinctly from individual income.
nces.ed.gov/programs/coe/glossary/i.asp

current ordinary income tax rates range from 15% to a maximum of 39.6%
www.pncadvisors.com/pncadvisors/1,1264,287,FF.html

tax paid on income within a given financial year (April-April).
www.personal-finance.gbr.qc.com/personal-finance-advice.htm

Tax payable on income - for example on dividends relating to your shareholdings.
www.hsbc.gr/en/mfunds/mf_gloss.htm

Income Tax is an expense paid by the company to the government’s tax office in accordance to the current taxation laws. Chapter: Financials
www.ibisworld.com.au/static/iwabout/co.asp

"Income tax" means a tax imposed on or measured by net income including any tax imposed on or measured by an amount arrived at by deducting expenses from gross income, one or more forms of which expenses are not specifically and directly related to particular transactions. [1997, c. 411, §2 (new).]
janus.state.me.us/legis/statutes/36/title36sec7102.html

An assessment levied by government on the net income of individuals and businesses.
countrystudies.us/united-states/economy-12.htm

Direct tax levied on income, whether earned or unearned.
www.businesszone.co.uk/resources/pdp/append/glossary/i.htm

Every individual with income of any kind is liable for income tax if the income is above the threshold. A taxpayer may benefit from tax credits to decrease the liability. :: Revenue
www.business2000.ie/html/resources/glossary/i.htm

Income tax is the sum of federal and provincial income taxes payable (accrued) for the taxation year. Income taxes include taxes on income, capital gains and RRSP withdrawals, after taking into account exemptions, deductions, non-refundable tax credits, and the refundable Quebec abatement. ...
prod.library.utoronto.ca:8090/datalib/codebooks/cstdsp/13f0022/2001/incdef.htm

refers to the tax levied on individual income from various sources like salaries, investments, interest, etc.
www3.estart.com/india/finance/budgetglossary.html

The tax paid by employees on salary earned at rates determined by the Commonwealth government.
www.apesma.asn.au/newsviews/professional_network/2004/apr_may_04/glossary.htm

a personal tax levied on annual income
wordnet.princeton.edu/perl/webwn

Income tax is a direct tax which is levied on the income of private individuals. Various income tax systems exist, ranging from a flat tax to an extensive progressive tax system.

Answer 7

My money being taxed.

Answer 8

The amount of money the gov't charges you for making money