Tax Intern Interview Questions and Answers

Residential status tax deductions are based on the taxpayer's status as a resident or non-resident for tax purposes.

• Resident taxpayers are eligible for a wider range of deductions compared to non-resident taxpayers.

• Deductions may include expenses related to housing, education, healthcare, and investments.

• Non-resident taxpayers may have limited deductions available to them.

• The residential status is determined based on the taxpayer's physical presence or duration of stay in a p...read more

GST stands for Goods and Services Tax, a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a consumption tax that is collected on the value added to goods and services at each stage of the supply chain.

• It replaced multiple indirect taxes in India and aims to simplify the tax structure and reduce tax evasion.

• GST has multiple tax slabs ranging from 0% to 28%, with different rates for different goods and services.

• Input tax credit can be claim...read more

The old tax slab rates varied based on income levels and were different for individuals, HUFs, and senior citizens.

• Tax slab rates for individuals: 0-2.5 lakhs (no tax), 2.5-5 lakhs (5%), 5-10 lakhs (20%), above 10 lakhs (30%)

• Tax slab rates for HUFs: 0-2.5 lakhs (no tax), 2.5-5 lakhs (5%), 5-10 lakhs (20%), above 10 lakhs (30%)

• Tax slab rates for senior citizens: 0-3 lakhs (no tax), 3-5 lakhs (5%), 5-10 lakhs (20%), above 10 lakhs (30%)