Tax Associate Interview Questions and Answers for Freshers

The last date for filing ITR for individuals is usually July 31st of the assessment year.

• The last date for filing ITR for individuals is typically July 31st of the assessment year.

• For example, for the financial year 2020-2021, the last date for filing ITR would be July 31, 2021.

• It is important to file the ITR on time to avoid penalties and interest charges.

Accrued items on the balance sheet refer to expenses that have been incurred but not yet paid.

• Accrued items are liabilities that represent expenses that have been recognized but not yet paid.

• They are recorded on the balance sheet as a current liability.

• Examples include accrued salaries, accrued interest, and accrued taxes.

• Accrued items are typically adjusted at the end of an accounting period to reflect the accurate financial position of a company.

Vlookup & Hlookup are Excel functions used to search for a value in a table and return a corresponding value.

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

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

• Both functions are commonly used in Excel for data analysis and manipulation.

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - This formula se...read more

ITR stands for Income Tax Return, a form used by taxpayers to file their income tax with the government.

• ITR is a document that taxpayers use to report their income, deductions, and tax liability to the government.

• It is filed annually by individuals, businesses, and other entities to report their financial information to the tax authorities.

• The information provided in an ITR helps the government calculate the tax liability of the taxpayer and determine if any refunds are due.

• F...read more