KYC-AML Case Studies (Chapter source content; filename labelled 30D GST)
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
One-liners from this chapter
Free sample — 8 of 80 rapid-fire Q&A cards.
What is Direct Tax?
is the tax imposed directly on a taxpayer and is required to be paid by that taxpayer to the government — its burden cannot be shifted to another person.
Levied on — Direct Tax / Indirect Tax?
Direct Tax: Income & profits of the taxpayer; Indirect Tax: Goods & services at the point of supply
Paid to government — Direct Tax / Indirect Tax?
Direct Tax: Directly by the taxpayer; Indirect Tax: Indirectly through an intermediary (seller / supplier)
Burden of tax — Direct Tax / Indirect Tax?
Direct Tax: Cannot be shifted — paid by the assessee; Indirect Tax: Can be shifted to the end consumer via price
Probability of tax evasion — Direct Tax / Indirect Tax?
Direct Tax: Higher — depends on voluntary disclosure; Indirect Tax: Lower — built into the price at supply
Impact on inflation — Direct Tax / Indirect Tax?
Direct Tax: Helps reduce inflation by curbing disposable income; Indirect Tax: Adds to inflation — gets added to the price of goods & services
Progressive vs Regressive — Direct Tax / Indirect Tax?
Direct Tax: Progressive — higher income pays higher %; Indirect Tax: Regressive — same rate for rich and poor
Impact on inequality — Direct Tax / Indirect Tax?
Direct Tax: Helps reduce inequality; Indirect Tax: Enhances inequality — same burden on all consumers
MCQ practice tests
Chapter-wise mock tests with instant scoring.
PDF study notes
More chapters in Module D - Taxation and Fundamentals of Costing
Master the full AFM syllabus
Every chapter of Accounting and Financial Management for Bankers — videos, tests, notes and one-liner decks in one place.