Meaning and definition of tax

Parcel tax definition for purposes of reporting under ab 2109, a parcel tax, per government code section 12463. Definition and synonyms of tax from the online english dictionary from macmillan education. Tax is an amount of money that you have to pay to the government so that it can pay for. A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a. If tax is levied directly on personal or corporate income, then it is a direct tax. Definition of an association internal revenue service. Tax money that the government collects based on income, sales, and other activities. Definition of an association that may apply for recognition of exemption from federal income taxation under irc section 501a. Compulsory monetary contribution to the states revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation. In general, an association is a group of persons banded together for a specific purpose. A tax imposed on the sale of retail goods and services.

Taxes consist of direct or indirect taxes and may be paid in money or as its labour. The terms can also be used to apply meaning to the taxation of select. Tax administration law and legal definition the term tax administration means. A taxing authority can have a reach of authority the irs and it can be limited to very specific group of people local school or fire district. Withholding tax definition, that part of an employees tax liability withheld by the employer from wages or salary and paid directly to the government.

Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Tax definition in the cambridge english dictionary. That is, the government collects a certain percentage of the sale price on transactions where goods and services are traded at the retail level. A tax is a financial charge or other levy imposed upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. The legal definition, and the economic definition of taxes differ in some ways such as economists do not regard many transfers to governments as taxes.

Tax administration law and legal definition uslegal, inc. In economics, taxes fall on whomever pays the burden of the tax. Service tax was earlier levied on a specified list of. Taxes are involuntary fees levied on individuals or corporations and. Tax amnesty requires specific group of taxpayers to pay certain amount relating to previous tax liability including penalties and interest without fear of criminal. Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. Tax free purchases and investments do not incur the typical tax consequence of other purchases and investments. If tax is levied directly on personal or corporate income. Money paid to the government other than for transactionspecific goods and services. Tax definition is a charge usually of money imposed by authority on persons or property for public purposes. In all cases, the setting of tax rates is done only with public approval through legislation or.

Compulsory monetary contribution to the states revenue, assessed and imposed by a government on the activities, enjoyment, expenditure, income, occupation, privilege, property, etc. Taxes definition, a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. Understanding tax terms can make tax preparation less stressful. Tax revenue forms part of the receipt budget, which in turn is a part of the annual financial statement of the union budget. Tax the oecd working definition of a tax is a compulsory unrequited payment to the government.

A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Change your default dictionary to american english. Without taxation, there would be no public libraries or. Many systems refer to taxes paid indirectly, such as taxes withheld by. By law, businesses and individuals must file an income tax. The purpose of taxation is to finance government expenditure. Meaning whether a home will be transferred by will or, by trust. Net of tax refers to the amount left after adjusting for the effects of taxes. Taxation, imposition of compulsory levies on individuals or entities by governments. Tax verb definition and synonyms macmillan dictionary. Tax definition and meaning collins english dictionary. It gives a detailed report on revenue collected from different items like corporation tax, income tax, wealth tax, customs, union excise, service, taxes on union territories like land revenue, stamp. Taxes help to pay for the services people and businesses receive from the government. The term refers to the fact that many such products are in fact pink.

Tax incentive definition and meaning collins english. An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. Taxable base the thing or amount on which the tax rate is applied, e. Tax avoidance must be distinguished from tax evasion, which is the employment of unlawful methods to circumvent the payment of taxes. A provision where a country applies a tax credit against taxes owed on foreign income that is equivalent to the tax exemption provided by the foreign country. These include federal and state income taxes, county and city taxes on real property, state andor local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, federal tax and some states. Tax amnesty law and legal definition tax amnesty is an opportunity for a particular group of taxpayers to disclose incomplete or unreported information about previous tax periods. Tax dictionary definition tax defined yourdictionary. Gain from the sale of collectibles and, generally, the taxable part of your gain from the sale of qualified small business stock held more than 5 years. The meaning of this death tax or estate tax is the taxable estate of a dead person. In this case, the service provider pays the tax and recovers it from the customer. Use taxact s tax dictionary to help clarify any confusion while filing taxes. A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. A fee charged levied by a government on a product, income, or activity.

Taxes are also imposed by many administrative divisions. It may also be a credit granted in recognition of taxes already paid or a form of state support. A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer an individual or legal entity by a governmental organization in order to fund government spending and various public expenditures. Information and translations of withholding tax in the most comprehensive dictionary definitions resource on the web. A charge or fee that a government imposes on a citizen or business is called a tax. It is categorized under indirect tax and came into existence under the finance act, 1994. Giving money you dont have to people you dont know for a program you dont believe in. A contribution for the support of a government required of persons, groups, or businesses within the domain of that government. If tax is levied on the price of a good or service, then it is called an indirect tax. Taxes are levied in almost every country of the world, primarily to raise. Net of tax can be a consideration in any situation where taxation is involved. Taxation refers to the practice of a government collecting money from its citizens to pay for public services. Any government entity that is authorized by law to assess, levy and collect taxes. Tax definition, a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc.