10+ Manager Taxation Interview Questions and Answers

GSTR 3B reversals are reported in Form GST DRC-03 along with reasons for reversal.

• Form GST DRC-03 is used for reporting reversals made in GSTR 3B.

• Reasons for reversal such as excess input tax credit claimed, incorrect tax liability reported, etc. should be mentioned.

• Examples of reasons for reversal include reversal of input tax credit on goods lost, stolen, destroyed, etc.

Export services refer to the sale of services to customers located outside the country of the service provider.

• Export services involve providing services to customers in foreign countries

• Taxation on export services may vary based on the country's tax laws

• Export services can include consulting, IT services, marketing, etc.

• Export services are often subject to VAT or GST exemptions

I have over 10 years of experience in taxation, including preparing tax returns, conducting tax research, and advising clients on tax planning strategies.

• Prepared individual and corporate tax returns

• Conducted tax research to stay updated on tax laws and regulations

• Advised clients on tax planning strategies to minimize tax liabilities

• Handled tax audits and resolved tax issues with tax authorities

Yes, I have filed GST returns myself for multiple clients in my previous role as a taxation manager.

• I have experience in filing GST returns for multiple clients

• I am familiar with the GST filing process and requirements

• I have ensured timely and accurate filing of GST returns to avoid penalties

TDS stands for Tax Deducted at Source. Due dates for TDS vary depending on the type of payment being made.

• TDS is a system where tax is deducted at the time of payment itself.

• Due dates for TDS payments are different for different types of payments like salary, rent, professional fees, etc.

• For example, the due date for TDS on salary payments is typically the 7th of the following month.

• For TDS on rent payments, the due date is usually the 30th of the following month.

Different forms of TDS include salary, interest, rent, commission, and professional fees.

• TDS on Salary

• TDS on Interest

• TDS on Rent

• TDS on Commission

• TDS on Professional Fees

Blocked credit under GST refers to input tax credit that cannot be claimed by a taxpayer.

• Blocked credit includes items like motor vehicles, food and beverages, health services, etc.

• Input tax credit on goods or services used for personal purposes or non-business activities is also blocked.

• Blocked credit can lead to higher tax costs for businesses as they cannot offset it against their output tax liability.

In a high voltage current, the flow of electricity is strong and can be dangerous if not properly managed.

• High voltage current has the potential to cause electric shock or even death

• Proper insulation and grounding are essential to prevent accidents

• High voltage current is commonly used in power transmission and industrial applications

Tax field is constantly evolving with new updates and changes.

• Introduction of Goods and Services Tax (GST) in India

• Changes in tax rates and slabs

• Introduction of new tax forms and procedures

• Increased focus on digitalization and automation

• Changes in tax treaties with other countries

• Introduction of new tax incentives and exemptions

Recent changes and amendments in taxation laws and regulations.

• Introduction of new tax brackets and rates

• Changes in deductions and credits

• Amendments to tax laws affecting specific industries

• Updates to reporting requirements

• Revised tax forms and procedures