Senior Taxation Officer Interview Questions and Answers

Balance sheet components are assets, liabilities, and equity that represent a company's financial position at a specific point in time.

• Assets: resources owned by the company such as cash, inventory, and property

• Liabilities: debts and obligations owed by the company such as loans and accounts payable

• Equity: the difference between assets and liabilities, representing the net worth of the company

• Examples: cash, accounts receivable, accounts payable, long-term debt, common stock,...read more

Working capital management involves managing a company's current assets and liabilities to ensure efficient operations and financial health.

• It focuses on optimizing the balance between current assets (such as cash, inventory, and accounts receivable) and current liabilities (such as accounts payable and short-term debt)

• Effective working capital management helps in maintaining liquidity, funding day-to-day operations, and supporting growth initiatives

• Strategies include monitor...read more

Indian tax system is based on residence while US tax system is based on citizenship.

• Indian tax system follows a residential status-based taxation system, where residents are taxed on their global income while non-residents are taxed only on income earned in India.

• US tax system follows a citizenship-based taxation system, where US citizens are taxed on their worldwide income regardless of where they reside.

• Indian tax rates are generally higher compared to US tax rates.

• US tax s...read more

Lookup in Excel is a function that searches for a value in a range and returns a corresponding value in another column.

• Lookup functions include VLOOKUP, HLOOKUP, INDEX-MATCH, and XLOOKUP.

• VLOOKUP searches for a value in the first column of a range and returns a value in the same row from a specified column.

• HLOOKUP searches for a value in the first row of a range and returns a value in the same column from a specified row.

• INDEX-MATCH is a combination of INDEX and MATCH function...read more