Wednesday, 5 September 2018

11 Fact about Income Taxation | Globally|

  1. The word “tax” is from the Latin taxo, meaning “I estimate.”
  2. Approximately 90% of people who employ housekeepers and babysitters cheat on their taxes.[4]
  3. If someone reports their company for tax evasion in the U.S., he or she will receive 30% of the amount collected.[4]
  4. The federal tax code was 400 pages in 1913. In 2010 it was 70,000 pages.[8]
  5. Around 47% of Americans did not pay income tax in 2012. In 2007, before the economic downturn, 40% of households did not owe federal income tax.[5]
  6. Roman emperor Vespasian placed a tax on urine in the 1st century A.D. Urine at that time was collected and used as a source of ammonia for tanning hides and laundering garments
  7. Over 1 million accountants are hired each year in America to help with taxes.
  8. England has a tax on televisions. Color TVs are taxed more than black-and-white TVs. However, if a blind person has a television, he or she has to pay only half the tax.
  9. In 1787, U.S. citizens were eligible to vote only if they were taxpayers.
  10. Only three Indians pay more than Rs 100 crore a year in income tax. 85% of taxpayers pay less than Rs 1.5 lakh per annum.
  11. Among 120 crore Indians, only about 4% (5.1 crore) filed income tax returnr in 2015-16. An even smaller number, only 1.3 crore individuals in 2014-14, paid income tax.

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