Tax Planning
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 181 rapid-fire Q&A cards.
Incidence — Direct Tax / Indirect Tax?
Direct Tax: Falls on the person who pays — cannot be shifted; Indirect Tax: Shifted to the final consumer
Examples — Direct Tax / Indirect Tax?
Direct Tax: Income Tax, Corporate Tax, Capital Gains Tax; Indirect Tax: GST, Customs Duty, Excise (on liquor), STT
Governing Act — Direct Tax / Indirect Tax?
Direct Tax: Income Tax Act, 1961; Indirect Tax: CGST/SGST/IGST Act, 2017
Administered by — Direct Tax / Indirect Tax?
Direct Tax: CBDT (Central Board of Direct Taxes); Indirect Tax: CBIC (Central Board of Indirect Taxes & Customs)
Regressive / Progressive — Direct Tax / Indirect Tax?
Direct Tax: Progressive (rate rises with income); Indirect Tax: Regressive (poor pays same rate on consumption)
1 — Category / Description?
Category: Individual; Description: A natural person (human being); resident or non-resident
2 — Category / Description?
Category: HUF (Hindu Undivided Family); Description: Persons lineally descended from a common ancestor — Karta is the head
3 — Category / Description?
Category: Company; Description: Indian or foreign, registered under Companies Act, 2013
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