Income Tax Officer

Income Tax Officer Interview Questions and Answers

Updated 12 Mar 2021

Q1. Tell me the changes made in income tax according to the new Budget

Ans.

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

Q2. What is difference between deperiation and amortization

Ans.

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.
Depreciation is charged against the income statement while amo...read more

Q3. Put these 3 words according to your importance mMoney, Recognition , Promotion

Ans.

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.

Q4. What are the heads comes under income tax act

Ans.

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

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Q5. What is long term and short term capital

Ans.

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, and mutual funds
Examples of short term assets include bo...read more

Q6. Explain Golden Rule principal

Ans.

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 social interaction and is essential for building trust and coop...read more

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