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Bangalore University B.com 5th Sem Income Tax-1 Solved Question Paper

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B.Com or Bachelor of Commerce is a three-year undergraduate course imparted in regular as well as distance education mode. B.Com is the second most popular undergraduate course in the Commerce branch. Under B.Com, there are three most popular courses, namely B.Com or B.Com-General, B.Com (Hon-ours) and B.Com LLB. The B.Com or B.Com-General is also referred to as B.Com-Pass by many universities. In the B.Com course, candidates are taught core subjects related to commerce and finance. In the three-year duration, the candidates are given options to choose from a few elective subjects too. The program-me is usually spread over six semesters during which the student is taught topics like financial accounting, corporate tax, economics, company law, auditing, business management, etc.

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Some Educational Information on Income Tax

DIRECT TAX & INDIRECT TAX

There are two types of taxes: Direct Tax and Indirect Tax
Tax, of which incidence and impact fall on the same person, is known as Direct Tax, such as
Income Tax. On the other hand, tax, of which incidence and impact fall on two different persons, is
known as Indirect Tax, such as GST, etc. It means, in the case of Direct Tax, tax is recovered directly
from the assessee, who ultimately bears such taxes, whereas in the case of Indirect Tax, tax is
recovered from the assessee, who passes such burden to another person & is ultimately borne by
consumers of such goods or services.

Difference between direct taxes and Indirect Tax

Direct taxation is defined as the tax which is directly levied on the citizens of a country. All
individuals and business concerns have to pay direct taxes to the government on a regular basis. These
direct taxes are calculated on every source of income that accrues to the business of an individual.
On the other hand, the citizens of a country are charged with certain levies indirectly as well.
These indirect levies are known as indirect taxes. These are the taxes payable on an activity or a
commodity. Tax is collected at the time of sale or purchases or the rendering of services. Some common
examples of indirect taxes are sales tax and excise tax.

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