AFM: Concepts and Practice · Part D: Taxation and Fundamentals of Costing

Chapter 21: Income tax, deferred tax and GST

What a bank deducts from interest, what its books defer, and the GST on every charge, under the 2025 Act.

Buyers of the e-book, or of the print copy, which includes it, read the whole chapter. Everyone can read the free sample, pages 1 to 24 of the e-book.

In this chapter

• 21.1Income tax: ideas and ratesp. 283
• 21.2TDS on a bank’s interestp. 284
• 21.3Deferred tax: AS 22 and Ind AS 12p. 285
• 21.4GST: the structurep. 286
• 21.5GST: input tax credit and the returnp. 287
• Exam traps and quick checksp. 288
• Practice: 16 questions in three roundsp. 289
• Answers, with every wrong option explainedp. 291
• Make it stickp. 293
• Chapter 21 on one pagep. 294

Corrections and updates

None for this chapter so far. Every correction to the book, and any rule that changes after its date, is listed on the errata page.