The tax rate that is applied against a prepayment penalty is the Group of answer choices 1) Capital gains tax rate 2) Depreciation recapture tax rate 3) Local property tax rate 4) Ordinary income tax rate
The tax rate that is applied against a prepayment penalty is the Group of answer choices 1) Capital gains tax rate 2) Depreciation recapture tax rate 3) Local property tax rate 4) Ordinary income tax rate
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter1: Introductin To Taxation
Section: Chapter Questions
Problem 15P
Related questions
Question
The tax rate that is applied against a prepayment penalty is the
Group of answer choices
1)
2)
3) Local property tax rate
4) Ordinary income tax rate
Expert Solution
Step 1
On the basis of a slab scheme, the Indian income tax levies tax on individual taxpayers. The slab method means that for different income ranges, different tax rates are prescribed.
Step 2
It means that with an increase in the taxpayer's income, the tax rates keep rising. This form of taxation makes the country's progressive and equal tax structures. During each budget, certain income tax slabs appear to experience an adjustment. For different taxpayer groups, these slab rates vary.
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