CA Article Trainee

CA Article Trainee Interview Questions and Answers

Updated 13 Aug 2024

Q1. How to calculate GAV under the head income from HP?

Ans.

GAV under the head income from HP is calculated by adding the annual value of the property and deducting municipal taxes.

Calculate annual value of property by considering higher of fair rent or municipal value
Deduct municipal taxes paid during the year from the annual value
The result is the Gross Annual Value (GAV) under the head income from HP

Ans.

Bank audit is an audit of a bank's financial statements and operations. Internal audit is an independent review of a company's internal controls.

Bank audit involves examining a bank's financial statements, transactions, and operations to ensure compliance with regulations and identify any potential risks.
Internal audit is conducted by a company's own internal auditors to evaluate the effectiveness of internal controls and identify areas for improvement.
Bank audit is typically...read more

CA Article Trainee Interview Questions and Answers for Freshers

Ans.

TDS rate for contractors varies based on the type of payment and nature of work.

TDS rate for contractors can range from 1% to 10% depending on the type of payment and nature of work.
For example, TDS rate for payment to contractors for work like advertising, catering, transport, etc. is 1%.
However, TDS rate for payment to contractors for professional or technical services is 10%.
Contractors can also apply for lower TDS deduction by providing Form 13 to the deductor.

Ans.

Taxable income in income tax is calculated by subtracting allowable deductions from total income.

Taxable income = Total income - Allowable deductions
Total income includes salary, rental income, capital gains, etc.
Allowable deductions can include expenses like home loan interest, medical insurance premium, etc.

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Ans.

Defaulting in depositing undisputed statutory dues can lead to legal consequences and financial penalties.

Defaulting in depositing undisputed statutory dues can result in penalties, interest, and legal action by the authorities.
It is important for businesses to ensure timely deposit of statutory dues such as TDS, GST, PF, etc.
Failure to deposit statutory dues can also impact the company's reputation and creditworthiness.
Examples of statutory dues include TDS deducted from emp...read more

Ans.

Yes, comfortable in outstation audits.

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Ans.

Residential status refers to the determination of an individual's tax liability based on their physical presence in a country.

Residential status is crucial for determining the tax obligations of an individual.
It is determined based on the number of days spent in a country during a financial year.
There are different categories such as Resident, Non-Resident, and Not Ordinarily Resident.
Residential status can vary from country to country based on their tax laws.
For example, in ...read more