Tech Mahindra Income Tax Officer Interview Questions and Answers

Depreciation is the decrease in value of tangible assets while amortization is the decrease in value of intangible assets.

• Depreciation is used for tangible assets like buildings, machinery, etc.

• Amortization is used for intangible assets like patents, copyrights, etc.

• Depreciation is calculated based on the useful life of the asset.

• Amortization is calculated based on the estimated useful life of the intangible asset.

• Depr...read more

Long term and short term capital refer to the duration of holding an asset before selling it for a profit.

• Long term capital refers to assets held for more than one year before selling for a profit

• Short term capital refers to assets held for less than one year before selling for a profit

• Long term capital gains are taxed at a lower rate than short term capital gains

• Examples of long term assets include stocks, real estate...read more

The heads under Income Tax Act are five - Salaries, Income from House Property, Profits and Gains of Business or Profession, Capital Gains, and Income from Other Sources.

• Salaries

• Income from House Property

• Profits and Gains of Business or Profession

• Capital Gains

• Income from Other Sources

Money, Promotion, Recognition - in that order.

• Money is important for financial stability and security.

• Promotion is important for career growth and development.

• Recognition is important for personal satisfaction and motivation.

Golden Rule principle states that one should treat others as one would like others to treat oneself.

• It is a moral principle that is found in many cultures and religions.

• It emphasizes the importance of empathy and compassion towards others.

• It is often referred to as the 'ethic of reciprocity'.

• For example, if you want others to be honest with you, you should also be honest with them.

• It is a fundamental principle of socia...read more

The new budget has introduced several changes in income tax, including new tax slabs and exemptions.

• New tax regime with lower tax rates but no exemptions

• Old tax regime with existing tax rates and exemptions

• Dividend Distribution Tax abolished

• TDS threshold for non-salaried payments increased

• Tax audit limit increased from Rs. 1 crore to Rs. 5 crore turnover

• Faceless appeals introduced

• Taxpayers' Charter introduced

Deferred tax assets and liabilities are temporary differences between the book and tax basis of assets and liabilities.

• Deferred tax assets arise when tax payable in future years is reduced due to deductible temporary differences or carryforwards.

• Deferred tax liabilities arise when tax payable in future years is increased due to taxable temporary differences.

• Temporary differences can arise due to differences in deprecia...read more

TDS rates vary depending on the type of payment and the status of the recipient.

• TDS rates range from 1% to 30% depending on the nature of payment

• For example, TDS on salary is deducted at rates applicable to the individual's income tax slab

• TDS on rent is deducted at 10% if the annual rent exceeds Rs. 2.4 lakhs

• TDS on interest income is deducted at 10% if the interest exceeds Rs. 40,000 for individuals

• TDS on professional ...read more

Due dates of various GST returns

• GSTR-1: 11th of the next month

• GSTR-3B: 20th of the next month

• GSTR-4: 18th of the month after the quarter

• GSTR-5: 20th of the next month

• GSTR-6: 13th of the next month

• GSTR-7: 10th of the next month

• GSTR-8: 10th of the next month

• GSTR-9: 31st December of the next financial year

• GSTR-10: Within three months of the date of cancellation or order of cancellation

• GSTR-11: 28th of the month following