Hidden Taxes A hidden tax is a tax that is not visible to the taxpayer. These taxes can raise prices of goods and lower salaries for wokers. Hidden taxes, although hidden, can decrease the purchasing power of individuals significantly.Taxes that are indirectly assessed upon consumer goods without the consumer's knowledge. Hidden taxes are levied upon the goods at some point … [Read more...]
What is an Exemption?
The basic definition of an exemption is immunity from an obligation or duty. For tax purposes, an exemption allows an individual to additional amount of money from your gross income earning to be deducted. A tax exemption lowers the amount of tax you owe because the exemption itself lowers your taxable income. Personal exemptions and dependent exemptions are two types of … [Read more...]
Property Tax India
Property tax is a tax that an owner of property i.e a person who owns the property is liable to pay. The amount of tax is estimated on the value of the property being taxed (advalorem tax). Property Tax in India is levied on residents by local municipal authorities to upkeep the basic civic services in the city. Property, again consists of three entities: 1. Land 2. … [Read more...]