KK TAX Consultancy Services Tax Consultant Interview Questions and Answers

Q1. What does tax means ?
Ans. 
Tax is a mandatory financial charge imposed by the government on individuals or businesses to fund public expenditures.
• Tax is used by the government to generate revenue for public services such as education, healthcare, infrastructure, etc.

• There are different types of taxes such as income tax, sales tax, property tax, and corporate tax.

• Tax rates can vary based on income levels, types of goods or services, and location.

• ...read more
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Q2. What is your knowledge about this role ?
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Q1. Say About yourself ?
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Q2. Your Strength and weakness
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Finance and accounting questions

Q1. Profile, package, notice period and expectations
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Q1. Accounting questions and Profile
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Q1. Package discussion, notice period, expectations and documents
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Q1. About yourself and your resume
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Q2. Why deloitte Where do you see yourself in 5 years
Ans. 
I chose Deloitte for its reputation for excellence in tax consulting. In 5 years, I see myself as a senior tax consultant leading a team.
• Deloitte's reputation for excellence in tax consulting

• Opportunities for growth and development at Deloitte

• Desire to become a senior tax consultant and lead a team

• Commitment to continuous learning and professional development

• Building strong client relationships and delivering high-qual
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Q1. Journal enteries based questions
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Q2. Behavioural questions
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Q1. Journal entery based questions
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Q2. Behavioural based questions
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It was easy to crack aptitude test but cracking versent test was not easy.

Q1. Is depriciation charged on land?
Ans. 
No, depreciation is not charged on land as land is considered to have an indefinite useful life.
• Depreciation is only charged on assets with a limited useful life, such as buildings, machinery, vehicles, etc.

• Land is considered to have an indefinite useful life and its value is not expected to decrease over time.

• The cost of land is not depreciated, but any improvements made on the land, such as buildings or landscaping, ...read more
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Q2. Effect of cost incured on setting up plant and machinery
Ans. 
Cost incurred on setting up plant and machinery can have tax implications on depreciation and capitalization.
• Cost incurred on setting up plant and machinery is usually capitalized and depreciated over its useful life.

• The depreciation expense can be deducted from taxable income, reducing the tax liability.

• Certain costs may need to be expensed immediately instead of being capitalized, such as repairs and maintenance.

• Tax ...read more
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It was not that easy

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...read more
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Q2. Journals entries
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Q1. Situation based question
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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.
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Q1. Tell me about yourself
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Q2. Work experience in detail
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Q3. Project Management cycle, what is required for a project?
Ans. 
A project requires clear goals, a defined scope, a timeline, a budget, a team, communication, risk management, and monitoring.
• Clear goals: Define the objectives and outcomes of the project.

• Defined scope: Clearly outline what is included and excluded from the project.

• Timeline: Establish a schedule with milestones and deadlines.

• Budget: Determine the financial resources needed for the project.

• Team: Assemble a skilled and ...read more
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Q1. What is Leadership to you?
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Q2. Difference between Manager and Leader
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Q1. Journal entry for prepaid expenses?
Ans. 
Prepaid expenses are expenses paid in advance but not yet incurred, requiring a journal entry to recognize them as assets.
• Prepaid expenses are recorded as assets on the balance sheet until they are used up.

• To record a prepaid expense, debit the prepaid expense account and credit the cash or accounts payable account.

• As the prepaid expense is used up, it is recognized as an expense on the income statement.

• Examples of pre...read more
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Q2. Rate of Depreciation on Intangible assets?
Ans. 
Rate of depreciation on intangible assets varies based on their useful life and method of amortization.
• Depreciation on intangible assets is typically calculated using the straight-line method.

• The rate of depreciation can range from 5% to 100% depending on the useful life of the asset.

• Common intangible assets subject to depreciation include patents, copyrights, and trademarks.
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