Oswal Minerals Accounts and Taxation Associate Interview Questions and Answers

Test sheet was provided with half an hour timing. Quality of questions asked was good enough. Sheet was containing questions relating to direct tax , assessment procedure, GST and general aptitude questions.

Q1. Only HR questions
Add your answer

Q1. What is Section 143
Ans. 
Section 143 of the Income Tax Act, 1961 deals with the processing of income tax returns by the Income Tax Department.
• Section 143 allows the Income Tax Department to scrutinize the filed returns and verify the information provided by the taxpayer.

• Under Section 143(1), the department may issue an intimation to the taxpayer if there are any discrepancies found during processing.

• Section 143(2) allows for a detailed scrutin...read more
Answered by AI
Add your answer
Q2. Elaborate sec. 194Q
Ans. 
Sec. 194Q is a provision under the Income Tax Act, 1961 which requires deduction of tax at source on purchase of goods.
• Sec. 194Q mandates deduction of tax at source at the rate of 0.1% on purchase of goods exceeding Rs. 50 lakhs in a financial year.

• It applies to a buyer whose turnover exceeds Rs. 10 crores in the preceding financial year.

• The buyer is required to deduct TDS at the time of credit or payment, whichever is...read more
Answered by AI
Add your answer
Q3. Questions on ind AS
Add your answer
Q4. General accounting question
Add your answer