ZafeTech

Income tax
definition and legal meaning
Income tax refers to the levy imposed on individuals and corporations. There are at least three types of income tax.
1. Individual Income Tax is also referred to as personal income tax. This type of income tax is levied on an individual's wages, salaries, and other types of income.
2. Business Income Tax is the tax levied on the annual income from businesses is the business income tax. The calculation of taxable income for businesses is categorised into the normal provision and the presumptive taxation.
3. State and Local Income Tax: Taxes imposed by the State Government, like
taxes on agricultural income, state excise duty, stamp duty, land revenue tax, professional tax, etc., are State government taxes. Local bodies are permitted to collect taxes like property taxes and taxes for using various services like water, drainage supply, etc.

Mark Zuckerberg's net worth has dropped from $118 billion to $96 billion since he rebranded Facebook as Meta Mark Zuckerberg's net worth is down since Facebook rebranded as Meta, but it's recovered from its steepest drop. Now, Apple poses a new challenge.