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INCOME TAX
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Annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). In addition to financing a government's operations, progressive income taxation is designed to distribute wealth more evenly in a population, and to serve as automatic fiscal stabilizer to cushion the effects of economic cycles. Its two basic types are (1) Personal income tax, levied on incomes of individuals, households, partnerships, and sole-proprietorships; and (2) Corporation income tax, levied on profits (net earnings) of incorporated firms. However, presence of tax loopholes (whose number increases in direct proportion to the complexity of tax code) may allow some wealthy persons to escape higher taxes without violating the letter of the tax laws
GST
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The taxes which will be subsumed into GST include central excise duty, services tax, additional customs duty, surcharges and state-level value added tax.[5] Other levies which are currently applicable on inter-state transportation of goods are also likely to be done away with in GST regime.[6]
GST will be applicable from 1 July 2017
ACCOUNTING
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Accounting or accountancy is the measurement, processing and communication of financial information about economic entities[1][2] such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494.[3] Accounting, which has been called the "language of business",[4] measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators.[5]Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms


