RSM US in India Tax Consultant Interview Questions and Answers

Easy questions
Tax concepts

Q1. Qualifications Willing to relocate
Add your answer

Q1. Tell me about your self
Add your answer

Q1. What is Passive foreign Investment company
Ans. 
Passive Foreign Investment Company (PFIC) is a foreign corporation where at least 75% of its gross income is passive or at least 50% of its assets produce passive income.
• PFIC status can have significant tax implications for U.S. taxpayers.

• Taxpayers must report PFIC investments on Form 8621.

• PFIC rules are complex and may require specialized tax advice.

• Examples of PFICs include certain foreign mutual funds and holding co
Answered by AI
Add your answer
Q2. What is Form 5471
Ans. 
Form 5471 is a tax form used by certain U.S. persons who are shareholders in certain foreign corporations.
• Required to be filed by U.S. persons who are officers, directors, or shareholders in certain foreign corporations

• Provides information on the foreign corporation's financial activities and ownership structure

• Helps the IRS prevent tax evasion through controlled foreign corporations

• Different filing requirements based ...read more
Answered by AI
Add your answer
Q3. Questions on Form 1040
Add your answer

Q1. Questions on form 1040
Add your answer
Q2. Questions on what type of structure in tax would I select to work in BDO
Add your answer

Q1. Questions on form 1040 & everything was covered
Add your answer
Q2. Questions on Form 5471
Add your answer
Q3. Questions on form 962
Add your answer

Q1. Golden rules of accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a compa...read more
Answered by AI
Add your answer
Q2. Journal entry in basic
Ans. 
A journal entry is a record of a financial transaction in a company's accounting system.
• Journal entries consist of a debit and credit entry to different accounts

• Debits are recorded on the left side and credits on the right side

• The total debits must equal the total credits in a journal entry
Answered by AI
Add your answer

Basic accounting problems and concepts with simple logical reasoning questions.

Q1. If the clients annual income is Rs. 1400000 what is their tax liability?
Ans. 
Tax liability for a client with an annual income of Rs. 1400000.
• Calculate the tax liability based on the income tax slabs applicable in the country.

• Consider any deductions or exemptions that the client may be eligible for.

• Consult a tax professional or use an online tax calculator for accurate results.
Answered by AI
Add your answer

Q1. Basic accounting
Add your answer

BASIC APPTITUDE WHICH COVERS ALL IMPORTANT TOPICS

The GD will be any topic mine is AI in finance

Q1. Questions related to TDS
Add your answer