Senior Executive Taxation Interview Questions and Answers

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

GST reconciliation involves matching the data between the company's financial records and the GST returns filed with the tax authorities.

• Compare the total sales and purchases as per financial records with the figures reported in GST returns.

• Ensure that input tax credit claimed matches with the eligible credits as per GST laws.

• Reconcile any differences by identifying and rectifying errors or omissions.

• Use GST reconciliation tools or software for efficient matching and verifica...read more

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

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

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