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Income tax is a government-imposed tax on the earnings or profits of individuals and businesses. Individuals pay income tax on their various sources of income, while businesses are taxed on their profits. The tax rate often depends on the amount of income or profit earned. Revenue generated from income tax is used by governments to fund public services like education, healthcare, and infrastructure. Tax laws and rates vary by country, and taxpayers are required to report their income and pay the appropriate tax based on their jurisdiction's tax regulations.

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Gaurika verma

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1y ago

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Related Questions

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This means that Income tax is ucky and shouldn't have to be paid.


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