Definition
Income tax is a direct tax imposed on individuals or entities based on their income or profits earned within a specific tax year. Income tax rates may vary depending on the taxpayer's income level, filing status, and other factors. Income tax revenue is a significant source of government funding and is used to finance public services, social programs, and government operations.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.