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Deloitte Tax Consultant Interview Questions and Answers for Freshers
9 Interview questions
Deferred tax is a liability or asset that arises from the difference between accounting income and taxable income.
Deferred tax is the tax effect of temporary differences between accounting income and taxable income.
It can be a liability if taxable income is greater than accounting income, or an asset if the reverse is true.
Examples include depreciation expenses and revenue recognition timing differences.
Deferred t...
Shaktikanta Das is the current RBI Governor.
Shaktikanta Das was appointed as the 25th Governor of the Reserve Bank of India in December 2018.
He has previously served as the Economic Affairs Secretary and Revenue Secretary of India.
As RBI Governor, he has focused on maintaining financial stability and supporting economic growth.
Depreciation is the allocation of the cost of a tangible asset over its useful life.
Depreciation is a non-cash expense that reduces the value of an asset over time.
It reflects the wear and tear, age, and obsolescence of the asset.
Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.
Example: A company buys a delivery truck for $50,000 with a useful life...
Leadership is about inspiring and guiding a team towards a common goal, while management is about planning, organizing, and controlling resources to achieve that goal.
Leadership focuses on people, while management focuses on processes and systems.
Leadership is about setting a vision and motivating others to work towards it, while management is about ensuring that the necessary resources are in place to achieve tha...
What people are saying about Deloitte
Items to add in balancesheet after trial balance
Accrued expenses
Prepaid expenses
Depreciation
Deferred revenue
Accrued interest
Goodwill
Intangible assets
Long-term investments
Long-term debt
Shareholder's equity
The 5 heads of income are salary, house property, business/profession, capital gains, and other sources.
Salary income includes income from employment
House property income includes rental income
Business/profession income includes income from self-employment
Capital gains income includes profits from sale of assets
Other sources income includes income from sources not covered under the other heads
Depreciation is the d...
Tax is a mandatory financial charge imposed by the government on individuals and businesses.
Tax is used to fund public services and infrastructure
There are different types of taxes such as income tax, sales tax, property tax, etc.
Tax laws and regulations vary by country and jurisdiction
Cost accounting is focused on determining the cost of producing a product or service
Managerial accounting is focused on providing ...
Basic accounting rules ensure accurate financial reporting and consistency in financial statements.
1. Double-entry system: Every transaction affects at least two accounts (e.g., a sale increases cash and revenue).
2. Accrual principle: Revenue and expenses are recorded when earned or incurred, not when cash is exchanged (e.g., services rendered but not yet paid).
3. Consistency principle: Use the same accounting met...
Form 1040 is the standard tax form used by individuals to file their annual income tax return with the IRS.
Form 1040 is used by individuals to report their income, deductions, and credits for the year.
It is the most common tax form used by taxpayers in the United States.
Taxpayers may need to attach additional schedules or forms depending on their specific tax situation.
The form must be filed by the tax deadline, u...
Deloitte Tax Consultant Interview Experiences for Freshers
17 interviews found
Anonymous
I applied via Walk-in and was interviewed in Aug 2024. There were 3 interview rounds.
It was not that easy
(2 Questions)
- Q1. What is deferred tax
- Ans.
Deferred tax is a liability or asset that arises from the difference between accounting income and taxable income.
Deferred tax is the tax effect of temporary differences between accounting income and taxable income.
It can be a liability if taxable income is greater than accounting income, or an asset if the reverse is true.
Examples include depreciation expenses and revenue recognition timing differences.
Deferred tax li...
- Q2. Journals entries
(2 Questions)
- Q1. Situation based question
- Q2. Who is the rbi governor
- Ans.
Shaktikanta Das is the current RBI Governor.
Shaktikanta Das was appointed as the 25th Governor of the Reserve Bank of India in December 2018.
He has previously served as the Economic Affairs Secretary and Revenue Secretary of India.
As RBI Governor, he has focused on maintaining financial stability and supporting economic growth.
Interview Preparation Tips
- joornal entries
- Taxation
I appeared for an interview in Oct 2024, where I was asked the following questions.
- Q1. Versant round is first followed by aptitude
- Q2. Business proficiency test
It was logical and reasoning
(2 Questions)
- Q1. What is depreciation
- Ans.
Depreciation is the allocation of the cost of a tangible asset over its useful life.
Depreciation is a non-cash expense that reduces the value of an asset over time.
It reflects the wear and tear, age, and obsolescence of the asset.
Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.
Example: A company buys a delivery truck for $50,000 with a useful life of 5...
- Q2. 1040 return is in detail
- Ans.
Form 1040 is the standard tax form used by individuals to file their annual income tax return with the IRS.
Form 1040 is used by individuals to report their income, deductions, and credits for the year.
It is the most common tax form used by taxpayers in the United States.
Taxpayers may need to attach additional schedules or forms depending on their specific tax situation.
The form must be filed by the tax deadline, usuall...
Selected
(1 Question)
- Q1. Tell something about yourself not mentioned in your resume
- Ans.
I am passionate about continuous learning and enjoy volunteering, which helps me connect with diverse communities and perspectives.
Continuous Learning: I regularly take online courses to enhance my skills, such as completing a certification in tax law to stay updated.
Volunteering: I volunteer at local non-profits, providing free tax assistance to low-income families, which has deepened my understanding of community nee...
(1 Question)
- Q1. Accounting and excel related questions
I applied via Company Website and was interviewed in Jun 2022. There were 4 interview rounds.
The test is breakdown into 3 parts i,e Accounting, M S Excel, Logical Reasoning.
I would suggest to have some additional knowledge on accounting not just the basic knowledge would be helpful so always have something extra knowledge on each category mentioned above.
(1 Question)
- Q1. Question would be anything which is related to the job role or individual's educational background.
(2 Questions)
- Q1. Well once you clear the above two rounds, this round is all about your salary discussion, perks and benefits.
- Q2. Joining and Documentaion process
Interview Preparation Tips
- Accounting
- M S Excel
- Communication Skills
All the best wishes from me I know you'll can achieve it ! ;)
Selected
I appeared for an interview before Mar 2024, where I was asked the following questions.
- Q1. Basic rules of accounting
- Ans.
Basic accounting rules ensure accurate financial reporting and consistency in financial statements.
1. Double-entry system: Every transaction affects at least two accounts (e.g., a sale increases cash and revenue).
2. Accrual principle: Revenue and expenses are recorded when earned or incurred, not when cash is exchanged (e.g., services rendered but not yet paid).
3. Consistency principle: Use the same accounting methods ...
- Q2. Deferred tax revenue
I applied via Referral and was interviewed in Sep 2022. There were 2 interview rounds.
(2 Questions)
- Q1. TELL ME ABOUT YOURSELF
- Ans.
I am a tax consultant with expertise in tax planning and compliance.
I have a strong background in tax laws and regulations.
I have experience in preparing and filing tax returns for individuals and businesses.
I am skilled in conducting tax research and providing advice on tax strategies.
I have worked with clients from various industries, ensuring compliance with tax laws while maximizing tax savings.
I am detail-oriented...
- Q2. AND FAMILY BACKGROUND WITH 1-2 ACCOUNTING QUESTION
Interview Preparation Tips
I applied via Naukri.com and was interviewed in Feb 2022. There were 5 interview rounds.
MCQs related to Quantitative Aptitude, Logical Reasonings, English Communicative , followed by Accounting concepts and excel
(3 Questions)
- Q1. Tell me something about yourself
- Q2. Why do you think we should hire you
- Ans.
I bring a unique blend of expertise, dedication, and a proactive approach to tax consulting that can greatly benefit your firm.
Extensive knowledge of tax regulations: I have successfully navigated complex tax codes, ensuring compliance and maximizing savings for clients.
Proven track record: In my previous role, I helped a client save over $50,000 through strategic tax planning and deductions.
Strong analytical skills: I...
- Q3. How good are you at handling pressure
- Ans.
I thrive under pressure, using it as a motivator to enhance my focus and deliver high-quality results in challenging situations.
Prioritization: I assess tasks based on urgency and importance, ensuring that critical deadlines are met without compromising quality. For example, during tax season, I prioritize client filings based on their complexity and deadlines.
Time Management: I utilize tools like calendars and task li...
(1 Question)
- Q1. Tell me about your hobbies
(1 Question)
- Q1. How would you deal if you are given two works with same deadline? Would you silently accept it or speak about it or complaint
Interview Preparation Tips
- Advanced Excel
- Basic Accounting
Ch Srinivas
Versant followed by co cubes
(5 Questions)
- Q1. What is your family background?
- Ans.
I come from a close-knit family that values education, hard work, and support for one another in all endeavors.
Supportive Parents: My parents have always encouraged my academic pursuits, ensuring I had the resources to succeed, like tutoring and extracurricular activities.
Siblings: I have two siblings who inspire me daily; my older sister is a teacher, and my younger brother is pursuing engineering, creating a dynamic ...
- Q2. Why should we hire you?
- Q3. Where do you see yourself in 5 years?
- Q4. What are your strengths and weaknesses?
- Q5. Tell me about yourself.
(1 Question)
- Q1. What are 5 heads of income? What is depreciation and types? What is accrued interest?
(1 Question)
- Q1. What do you know about tax? Cost accounting vs managerial accounting?
- Ans.
Tax is a mandatory financial charge imposed by the government on individuals and businesses.
Tax is used to fund public services and infrastructure
There are different types of taxes such as income tax, sales tax, property tax, etc.
Tax laws and regulations vary by country and jurisdiction
Cost accounting is focused on determining the cost of producing a product or service
Managerial accounting is focused on providing finan...
Interview Preparation Tips
Selected
I applied via Referral and was interviewed before Mar 2023. There were 2 interview rounds.
Technical round, aptitude test
(1 Question)
- Q1. How do you manage multiple busy period
- Ans.
Managing multiple busy periods involves prioritization, effective communication, and strategic planning to ensure timely delivery.
Prioritization: I assess tasks based on deadlines and importance, focusing on high-impact projects first. For example, during tax season, I prioritize client filings that are due soonest.
Time Management: I use tools like calendars and task lists to allocate specific time slots for each proje...
Deloitte Interview FAQs
Some of the top questions asked at the Deloitte Tax Consultant interview for freshers -
The duration of Deloitte Tax Consultant interview process can vary, but typically it takes about less than 2 weeks to complete.
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