Taxation interview questions and answers

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Taxation interview questions and answers


1. What is income tax? How is it calculated?
2. Define Assessment Year.
3. Define Previous Year.
4. Define financial year?
5. Differentiate between Financial Year, Assessment Year and Previous Year?
6. Define the term person?
7. Who is an assessee?
8. What do you understand by total income?
9. How many heads are there under total income? Name them.
10. What is the current rate of taxes for individual and senior citizens?
11. At what rate firms are required to pay tax on their income?
12. How will you decide the residential status of an individual?
13. Does the tax liability of an individual get affected due to his residential status? If yes, explain.
14. What are the basic and additional conditions for Resident and ordinarily resident?
15. Who are resident but not ordinary resident?
16. Who are non resident?
17. Which income is considered as accrued income?
18. What is FBT?
19. What is tax audit?
20. What is Tax refund?
21. What is capital gain? Explain long term capital gains and how is it different from short term capital gains?
22. What is deferred tax?
23. What is working capital?
24. What is taxation?
25. What is alternative minimum tax (AMT)?
26. How can a taxpayer get a refund for an overpayment of taxes?
27. What are the Streamlined Sales and Use Tax Agreement?
28. What are the penalties for violations of the tax laws and regulations?
29. Explain deferred tax asset?
30. Define differed tax Liability? What items come under deferred tax liability?
31. Define Amortization & Impairment?
32. What is Inter Company Reconciliation?
33. What is the Securities Transaction Tax?
34. What is Permanent Account Number (PAN)?
35. What is the difference between profit and gain?
36. What items fall under the category of ‘securities’?
37. When Deferred Tax Asset & Deferred tax liability arises?
38. What is the difference in between Fund flow Vs. Money Flow?
39. Differences between the carrying amount of an asset or liability?
40. What are the tax exemptions in regards to short term and long term capital gains?
41. If a NRI buys property in India, does he has to pay property tax?
42. Can a person fill a NRI in an Income tax form if he has been out of India for six months though he is Indian citizen?
43. What is the present Central sales tax rate in India?
44. What is the maximum and minimum sales tax rate in India?
45. What is the difference between the excise duty and the sales tax?
46. Does the NRI have to pay property tax if they buy property in India? Can a person fill a NRI in a Income tax form if he has been out of India for six months though he is Indian citizen?
47. What do you mean by fair rent?
48. Explain the procedure to calculate Provident Fund, ESI, VAT and Sales Tax.
49. What is Excise & Service Tax? What is the difference?
50. What is luxury tax?
51. What do you mean by Commercial Tax?
52. What are the deductions under Salary Head? Name the items.
53. What is Entertainment Tax?
54. What is the present rate of T.D.S?
55. What is form c & d in sales tax?
56. What is excise duty?
57. How do you calculate tax on business income?
58. Explain Profession Tax? How is it calculated?
59. What is full form of VAT? What is the currently applicable VAT rate?
60. What do you understand by transfer income?
61. What are the types of Provident funds?
62. What is the difference between recognized provident fund and unrecognized provident fund?
63. How will you calculate House Rent Allowance (HRA)?
64. What are allowable and disallowable expenditure?
65. What do you understand by dissolution of firm?



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