Jain & Associates Interview Questions and Answers

Q1. What is the new tax slab in India
Ans. 
The new tax slab in India for individuals is as follows: 0-2.5 lakh - no tax, 2.5-5 lakh - 5%, 5-10 lakh - 20%, above 10 lakh - 30%.
• 0-2.5 lakh income - no tax

• 2.5-5 lakh income - 5% tax

• 5-10 lakh income - 20% tax

• Above 10 lakh income - 30% tax
Answered by AI
Add your answer
Q2. Difference between tds and itr
Ans. 
TDS is tax deducted at source, while ITR is income tax return. TDS is deducted by the payer at the time of making payment, while ITR is filed by the taxpayer to declare their income and taxes paid.
• TDS is deducted by the payer at the time of making payment to the payee.

• ITR is filed by the taxpayer to declare their income, deductions, and taxes paid for the financial year.

• TDS is deducted on various payments like salary, ...read more
Answered by AI
Add your answer

It was very tough and question was good