tax

• Income tax return:

  • A document individuals and businesses use to inform the government of their earnings and pay taxes
• Net taxable income:

  • The money remaining after deducting certain expenses and exemptions
• Assessment year (AY):

  • The year when the government evaluates income to calculate the tax owed
• Surcharge:

  • An additional fee added to the regular tax payment
• Gross total income:

  • The total earnings before any deductions or exemptions
• Capital gain:

  • Profit from the sale of capital assets
• Dividend payment:

  • Income distributed by a corporation to shareholders, considered taxable
• Income tax:

  • Tax imposed on individuals for their sources of income like profession, business, trade, or property
• Value added tax:

  • Business tax collected from the seller on every sale of properties
• Withholding tax:

  • Tax deducted from an individual's or entity's income by the payer
• Capital gain tax:

  • Tax imposed on the profit from the sale of capital assets
• Estate tax:

  • Tax on the right of a deceased person to transfer their estate to heirs
• Real property tax:

  • Local tax on real property to fund local government requirements
• Donor's tax:

  • Tax on donations or gifts, imposed on property transfers
• Excise tax:

  • Tax on specific goods or services at the time of purchase, like fuels, tobacco, and liquor