Neglog - Multiple taxes, Property Tax and Income Taxes

Taxes refer to the money paid by an individual towards the government for income earned from various quarters.
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Multiple Taxes
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Jan. 28, 2008 - PRLog -- Basically, there are three types of taxes that are levied on the salaried class customers. They are income tax, professional tax and property tax or house tax. The income tax is the tax that is charged for the salaried employees. The income tax rate varies depending on the designation of the person and the salary drawn by the person. The income tax payment is stringent and has to be complied without fail. If any person fails to make the income tax payment in time, the penalty is severe. Under extreme conditions, the individual may even receive a sentence from the court of law. Hiding income sources can amount to cheating. The income tax is deducted at source by the companies and forwarded to the government agency concerned. This measured has ensured large scale compliance of income tax. This income tax is the highest revenue generator for any government in any country. The income tax slab for self employed professionals such as first generation entrepreneur and farmers are very different. The farmers, who receive a lot of state subsidy, have the lowest income tax. At the same time, entrepreneurs have to pay a higher income tax.

After the income tax comes the professional tax. It is very nominal when compared with the income tax. The professional task is linked to the profession of an individual. The professional tax hardly crosses the limit set by the agency unlike the income tax that can vary on the basis of the income drawn by the individual.

The third type of tax is the property tax, charged on houses and properties owned by individuals. The property tax is also called as house tax. The property tax is paid to the local self government. The property tax is dependent on the prevailing market value of the property. However, if the building is old, the municipality will offer depreciation depending on the age of the building. Depreciation is not offered to buildings and properties that are just four years old since the property guidance value is revised once every five years.

There are various other categories of taxes also. These taxes are collected by the local self government. One of them is called the infrastructure tax. It is collected by the municipality from owners of vehicles for using the infrastructure of the city such as roads, viaducts, flyovers and grade separators. This tax has been imposed to encourage people to use the public transportation system and to reduce their dependence on personal vehicles. The more the number of personal vehicles on the road, the greater is the congestion. Therefore, the infrastructure tax has been evolved.

Another tax is the solid waste management tax. This is a tax collected in bigger cities. It is used to dispose off the large amount of domestic waste generated in a city. It could be organic or inorganic waste and other general wastes generated by a family. The solid waste management tax is also collected by the local municipality.

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Tags:Multiple Taxes, Tax Infrastructure
Industry:Financial
Location:New York - United States



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