Tax is comulsory levy from individuals households and firm to central or local government.It is simply a liability.
It is a compoulsory contribution from the tax payers.Tax is computed and paid as prescribed in the law.
Tax is major sources of revenuesin the developed world and has been appearing asan important source of revenue in the developing world as well.
It has been an instrument of social and economic policy for the government.
Tax can be classified into two broa categories; first is direct tax and second one is indirect tax.
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