Best mnemonics for types of taxes
Here are the Mnemonics for Remembering Types of Taxes. Later I'll explain how them in detail: DIRECT TAXES :- "wepro.co.in" We : wealth tax Pro : property tax Co : corporate tax In : income tax INDIRECT TAXES :- "excuse me" Ex : excise tax Cu : custom tax Se : service tax M : market tax/vat E : entertainment tax Below are some simple mnemonics to help remember the two broad categories of taxes: Direct Taxes and Indirect Taxes . 1. Mnemonics for DIRECT TAXES: Direct taxes are those that are paid directly to the government by individuals or organizations. These taxes are non-transferable and are imposed on income or assets. A useful mnemonic for remembering the key types of direct taxes is: "WePro.Co.In" We = Wealth Tax: This is a tax on the net wealth owned by an individual or organization. Although currently abolished in India, it’s important to know as it can be part of historical questions in exams. Pro = Property Tax: Levied on th