Vialto Partners Interview Questions and Answers

The golden rule in taxation states that taxpayers should pay taxes in proportion to the benefits they receive from government services.

• The golden rule emphasizes fairness and equity in taxation.

• It suggests that those who benefit the most from government services should pay the most taxes.

• The rule is often used to justify progressive taxation systems.

• For example, higher income individuals may be required to pay a higher percentage of their income in taxes compared to lower inc...read more

Depreciation is the allocation of the cost of an asset over its useful life.

• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life for accounting and tax purposes.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Examples of depreciable assets include buildings, vehicles, machinery, and equipment.

Filing income taxes involves gathering necessary documents, completing tax forms, and submitting them to the appropriate tax authority.

• Gather all relevant documents such as W-2 forms, 1099 forms, and receipts.

• Choose the appropriate tax form based on your filing status (e.g., 1040, 1040A, 1040EZ).

• Fill out the tax form accurately, including income, deductions, and credits.

• Calculate your tax liability or refund using the provided instructions or tax software.

• Submit your complete...read more

Residential status tax deductions are based on the taxpayer's status as a resident or non-resident for tax purposes.

• Resident taxpayers are eligible for a wider range of deductions compared to non-resident taxpayers.

• Deductions may include expenses related to housing, education, healthcare, and investments.

• Non-resident taxpayers may have limited deductions available to them.

• The residential status is determined based on the taxpayer's physical presence or duration of stay in a p...read more

GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a consumption tax that is collected on the value added to goods and services at each stage of the supply chain.

• It replaced multiple indirect taxes in India and aims to simplify the tax structure and reduce tax evasion.

• GST has multiple tax slabs ranging from 0% to 28%, with different rates for different goods and services.

• Input tax credit can be claim...read more

The old tax slab rates varied based on income levels and were different for individuals, HUFs, and senior citizens.

• Tax slab rates for individuals: 0-2.5 lakhs (no tax), 2.5-5 lakhs (5%), 5-10 lakhs (20%), above 10 lakhs (30%)

• Tax slab rates for HUFs: 0-2.5 lakhs (no tax), 2.5-5 lakhs (5%), 5-10 lakhs (20%), above 10 lakhs (30%)

• Tax slab rates for senior citizens: 0-3 lakhs (no tax), 3-5 lakhs (5%), 5-10 lakhs (20%), above 10 lakhs (30%)

Testcases for testing a pen

• Verify the pen writes smoothly on paper

• Check the ink color matches the pen body

• Test the pen cap fits securely

• Ensure the pen clip is sturdy

• Confirm the pen is comfortable to hold