Quick Summary
An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or corporation tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs).
An income tax is a tax levied on the financial income of individuals, corporations, or other legal entities.
Income taxation systems can vary in tax incidence and can be progressive, proportional, or regressive.
Corporate income tax, also called corporate tax or corporation tax, is the specific term used when income tax is levied on the income of companies.
Individual income tax is usually levied on an individual's total income with some permitted deductions, while corporate income tax is levied on net income, which is the difference between gross receipts, expenses, and additional write-offs.
CAclubindia
