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Before, anything else, let’s have a look at the subject taxation…
What is Taxation?
Taxation is the duty levied by the government, either State or Central Government on the general population, based on their income. This revenue collected by the government is used for the purpose of development of the country and other legislative matters. Taxation is also very closely linked with economics as both the topics study about a nation’s economy.
Owing to its intricate rule and exceptions, taxation assignment help is one the most asked topics in Courseworktutors Inc. Therefore, we already have years of dedicated experience in preparing assignments in this branch of studies!
What are the Types of Taxes?
No matter in which country you are conducting your higher education, the basic tax division remains the same everywhere.
Taxation is broadly divided into 2 major subheads:
- Direct Tax
- Indirect Tax
- Direct Taxation:
When the incidence and Impact of Tax falls on the same person, it is known as Direct Tax. Incidence here means the Initial Burden and Impact means the Final Burden. Some of the types of Direct Taxation are as follows:
- Income Tax:
In case of Income tax, a person has to pay tax on its income at the end of the Financial Year by filing a return. It is a direct tax since the concerned person is the one on whom both incidence as well as impact falls.
- Corporate Tax: Corporate Tax is the taxes paid by corporate on their income. There can be a difference in the rate of taxes.
- Property Tax: Taxes paid on the property in the name of Municipal duty are known as Property Tax.
- Indirect Taxation: When the incidence and Impact of Tax falls on two different people, it is known as Indirect Tax. Some of the types of Indirect Taxation are as follows:
- Sales Tax: Tax imposed on the sales of goods is known as Sales Tax.
- Excise duty: Tax imposed on the manufacturing of goods is known as Excise duty.
What are the different methods of charging tax on the tax payer?
Apart from knowing these, a student of taxation also needs to be well acquainted with the different methods of levying taxes. It forms a basic tool for preparing taxation assignments! Our experts at taxation assignment help and Taxation Homework Help have been closely associated with this field for long and can ideally guide you on the various methods.
Depending on the method how the tax is charged on persons or way of calculation, taxes are classed into several categories.
Proportional Tax: In this method , tax is calculated on the basis of Income of the tax payer . Higher the Income , higher would be the amount of tax and Vice-Versa.
Example Of Proportional Tax System is as follows
A Inc earned following profit for the last 3 years. The Tax system followed in the Country is proportional method. Proportional Rate of Tax is 12%.
| Year | 2017($’000) | 2016($’000) | 2015($’000) |
| Profit | 100 | 120 | 160 |
| Tax | 12% | 14.4% | 19.2% |
Lump Sum Tax: In this Method, tax is charged as a flat amount on all income of the tax payer.
Example Of Proportional Tax System is as follows :
A Inc earned following profit for the last 3 years . The Tax system followed in the Country is Lump Sum Tax. Tax amount is fixed at $12000 irrespective of income of income of the tax payer.
| Year | 2017($’000) | 2016($’000) | 2015($’000) |
| Profit | 100 | 120 | 160 |
| Tax | 12 | 12 | 12 |
Progressive Tax: – In this method, higher tax rates are imposed on the tax payer with the increase in the income of taxpayer.
Example of taxation under progressive tax method:
A Inc earned following profit for the last 3 years . The Tax system followed in the Country is Progressive Method.
Progressive tax Chart is as follows :
| 15% | $0-$6000 |
| 20% | $6000-$12000 |
| 25% | $12000-$20000 |
| 30% | $20000-$50000 |
| 35% | $50000+ |
| Year | 2017($’000) | 2016($’000) | 2015($’000) |
| Profit | 100 | 120 | 160 |
| Tax | |||
| 15% band | 6*15% = 0.9 | 6*15% = 0.9 | 6*15% = 0.9 |
| 20% band | 6*20% = 1.2 | 6*20% = 1.2 | 6*20% = 1.2 |
| 25% band | 8*25% = 2.0 | 8*25% = 2.0 | 8*25% = 2.0 |
| 30% band | 30*30%= 9.0 | 30*30%= 9.0 | 30*30%= 9.0 |
| 35% band | 50*35%= 17.5 | 70*35%= 24.5 | 110*35%= 38.5 |
| Total Tax | 30.6 | 37.6 | 51.6 |
Regressive Tax : In this method, tax rates gets decreased with the increase in the income of taxpayer.
Example of taxation under regressive tax method:
An Inc earned following profit for the last 3 years. The Tax system followed in the Country is Progressive Method.
Progressive tax Chart is as follows :
| 35% | $0-$6000 |
| 30% | $6000-$12000 |
| 25% | $12000-$20000 |
| 20% | $20000-$50000 |
| 15% | $50000+ |
| Year | 2017($’000) | 2016($’000) | 2015($’000) |
| Profit | 100 | 120 | 160 |
| Tax | |||
| 15% band | 6*35% = 2.1 | 6*35% = 2.1 | 6*35% = 2.1 |
| 20% band | 6*30% = 1.8 | 6*30% = 1.8 | 6*30% = 1.8 |
| 25% band | 8*25% = 2.0 | 8*25% = 2.0 | 8*25% = 2.0 |
| 30% band | 30*20%= 6.0 | 30*20%= 6.0 | 30*20%= 6.0 |
| 35% band | 50*15%= 7.5 | 70*15%= 10.5 | 110*15%= 16.5 |
| Total Tax | 19.4 | 22.4 | 28.4 |
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