TaxBuddy Interview Questions and Answers

International tax refers to the taxation of income in multiple countries, often involving complex rules and regulations.

• International tax involves determining how much tax a person or company owes in different countries based on their income and activities.

• It can be influenced by tax treaties between countries, transfer pricing rules, and foreign tax credits.

• Multinational corporations often face challenges in complying...read more

Transfer pricing is the setting of prices for goods and services sold between related entities within an organization.

• Transfer pricing is used to determine the cost of goods and services transferred between different divisions or subsidiaries of a company.

• It helps in allocating profits and costs appropriately among different parts of the organization.

• Transfer pricing is important for tax purposes to ensure that transac...read more

Transfer pricing was introduced to prevent tax evasion and ensure fair pricing between related entities.

• To prevent tax evasion by multinational companies

• To ensure fair pricing between related entities

• To prevent profit shifting to low-tax jurisdictions

• To comply with international tax regulations such as OECD guidelines

Recent finance amendments in budgets impact financial regulations and policies.

• Introduction of new tax laws or changes in existing tax rates

• Updates on government spending priorities and allocations

• Revisions to financial reporting standards

• Changes in import/export duties or tariffs

• Introduction of stimulus packages or economic relief measures

TDS deposit date is the due date by which tax deducted at source must be deposited with the government.

• TDS deposit date is usually the 7th of the following month for non-government deductors.

• For government deductors, TDS deposit date is usually the 7th of the following month except for March, where it is the 30th.

• Late deposit of TDS may attract interest and penalties.

Internal audit is a process where an organization's operations, financials, and compliance are reviewed by an internal team.

• Internal audit helps ensure that the organization's operations are efficient and effective.

• It also helps in identifying risks and ensuring compliance with laws and regulations.

• Internal auditors provide recommendations for improvement based on their findings.

• Examples of internal audit activities in...read more

Golden rules of accounting are basic principles to maintain financial records accurately.

• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit all expenses and losses, credit all incomes and gains