Senior Executive Taxation

Senior Executive Taxation Interview Questions and Answers

Updated 10 Mar 2025

Q1. Technical - Residency Rules of India

Ans.

Residency rules in India determine the tax liability of an individual based on their stay in India.

An individual is considered a resident if they have stayed in India for 182 days or more in a financial year.
If an individual has stayed in India for less than 182 days, they are considered a non-resident.
If an individual is a resident for two out of the past ten financial years and has stayed in India for 60 days or more in the current financial year, they are considered a resi...read more

Ans.

GST reconciliation ensures accurate tax reporting by matching GST returns with financial records.

Collect all GST returns filed for the period.
Gather financial statements, including sales and purchase invoices.
Match the total sales reported in GST returns with the sales in financial records.
Verify input tax credits claimed against purchase invoices.
Identify discrepancies and investigate their causes, such as missed invoices or incorrect rates.
Adjust records and file amendments...read more

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Provision of TDS and GST involves deducting tax at source and collecting goods and services tax respectively.

TDS stands for Tax Deducted at Source, where tax is deducted by the payer before making payment to the payee.
GST stands for Goods and Services Tax, which is a consumption tax levied on the supply of goods and services.
Both TDS and GST are important for compliance with tax regulations and ensuring proper revenue collection.
Proper documentation and timely filing of TDS a...read more

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GST provisions include input tax credit, reverse charge mechanism, composition scheme, and anti-profiteering measures.

Input tax credit allows businesses to claim credit for taxes paid on inputs used in production.
Reverse charge mechanism shifts the liability of paying tax from the supplier to the recipient.
Composition scheme is available for small businesses with turnover below a certain threshold, allowing them to pay tax at a fixed rate.
Anti-profiteering measures aim to ens...read more

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Ans.

TDS stands for Tax Deducted at Source, a provision where tax is deducted by the payer at the time of making payment.

TDS is deducted by the payer at the time of making certain payments like salary, rent, commission, etc.
The deducted TDS amount is then deposited with the government on behalf of the payee.
TDS rates vary depending on the nature of payment and the payee's status.
TDS certificates like Form 16 and Form 16A are issued to the payee as proof of tax deduction.
Non-compli...read more

Ans.

Gain on sale of property is a taxable event where the seller earns a profit from selling a property.

The gain on sale of property is calculated by subtracting the cost basis from the sale price.
The gain is subject to capital gains tax.
There are certain exemptions and deductions available to reduce the tax liability on the gain.
For example, if the property was the seller's primary residence for at least two out of the past five years, they may qualify for the home sale exclusio...read more

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