October 21, 2021 1 Comment
An income tax is a tax imposed on individuals, entities (taxpayers). That varies with their respective income, profits (taxable income). Many jurisdictions refer to income tax on business entities as companies ,corporate tax. Partnerships generally are not taxed rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions. Most jurisdictions exempt locally organized charitable organizations from tax.