Principles of Taxation (Paper 2.6)

What you'll learn

• Identify the fundamental structure of a tax system (e.g., progressive vs. regressive, sources of law).
• Compute core tax liabilities for individuals (e.g., income tax) and businesses (e.g., corporate tax).
• Understand key concepts like taxable income, deductions, credits, and the timing of income/expenses.
• Analyze the tax implications of different personal and business decisions (e.g., investments, organizational form).
• Explain the role of tax policy in influencing behavior and achieving societal goals.
• Apply basic tax planning strategies to minimize tax liability within the bounds of the law.