Comparison Between Income Tax And Online Tax

income tax and online tax

It won’t be an exaggeration to say that we are living in a digital world where almost everything is being operated through the use of digital mediums; be it the mobile phones, laptops or computers.  Mankind have become dependent upon the use of such IT gadgets especially during the ongoing situation of covid-19 where everything is dealt by the digital electronics. After analysing the situation of lockdown, lots of companies have started to run their businesses through online sites and this has become a new normal.  As the companies and businesses have shifted to the online platform so the taxation process is also going to need a shift. Provision of tax is the obligatory duty of every individual who earns specific amount of money and this obligation must be fulfilled by the online companies by paying off the online tax.   There is not much of a difference between online taxation and income tax as the concept behind them is same but their procedures differ according to the medium. In this article, we will be discussing about the comparison between income tax and online tax.

Income tax:

Income tax can be defined as the money that has been imposed or levied upon such citizens of a particular country who are earning specific amount of money and must pay off approximately fifteen percent to the government. This tax is taken by the government for the welfare of a country because the tax taken is used for building the country’s economy, army and community better and stronger. Obviously, the tax provided by different individuals and companies differ according to their possessions their monthly incomes and their annual earnings. It is the duty of every individual to give the required amount of tax for the betterment of their country.

Online tax:

Online tax is similar to regular tax in many ways except for the way its procedure is carried out. Obviously, online tax is payed through the digital medium because the business or company which is paying the tax is also running through the online sites. If the online company has proven to make its mark in the marketing world then it must pay the required online tax. The process of paying the online tax is not as simple as copying and pasting the data from one site to another rather a whole form must be filled manually.

Conclusion:

Paying the tax of your monthly incomes or annual earnings is the obligatory duty of each and every citizen. Nowadays, most of the companies are running their businesses through the digital medium which means through the online sites. So, they are earning particular amount of money which means that they must pay off the required tax returns online which would be approximately fifteen percent of their total income or earnings. The businesses that are running by the use of digital medium must pay of their taxes through the process of online taxation. “Ezy tax online” helps you pay the online tax quite easily without much of an effort.

shares