K Shipping Solutions Tax Consultant Interview Questions and Answers

Q1. Basic tax Tax slab Heads of source
Ans. 
Tax slab refers to the different tax rates applicable to different income levels. Heads of source refer to the various sources of income that are taxable.
• Tax slab refers to the range of income levels and the corresponding tax rates applicable to each range.

• Heads of source include salary income, business income, capital gains, rental income, and other sources of income that are subject to taxation.

• For example, in India,...read more
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Easy just basic of accounts they ask.

Q1. What are 1099 forms and types and how much work I have done on them.
Ans. 
1099 forms are tax forms used to report income received from sources other than an employer.
• There are several types of 1099 forms, including 1099-MISC, 1099-INT, and 1099-DIV.

• 1099-MISC is used to report income earned as an independent contractor or freelancer.

• 1099-INT is used to report interest income earned from bank accounts or investments.

• 1099-DIV is used to report dividend income earned from investments.

• As a tax co...read more
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Q2. What is investment banking and corporate actions
Ans. 
Investment banking involves providing financial services to corporations and governments, while corporate actions refer to events that affect a company's stock price.
• Investment banking involves underwriting securities, providing financial advice, and facilitating mergers and acquisitions.

• Corporate actions include stock splits, dividends, and mergers and acquisitions.

• Investment bankers work with corporations and governm...read more
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Q3. How tax is calculated and details of gross distribution and cost basis
Ans. 
Tax is calculated based on gross distribution and cost basis. Gross distribution is the total amount received and cost basis is the original investment.
• Tax is calculated based on the difference between gross distribution and cost basis

• Gross distribution is the total amount received from an investment, including dividends and capital gains

• Cost basis is the original investment amount, including any fees or commissions

• Tax...read more
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Q1. Why are changing the domain and how it's related to the post you have applied.
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Q2. About yourself in detail.
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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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Q1. Basis accounting and basics of US tax
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Q2. Basics of US tax
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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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Q1. Tell me about your job profile
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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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