Most Commonly Asked Tax related Questions in an Interview

Many of the young professional asked us about Most Commonly Asked Tax related Questions in an Interview, so we tried to make a list for you all that you can refer in your Interview, remember these all are only Most Commonly Asked Tax related Questions . If you want more questions than browse through our site for further help. Go through this list and you may add more questions as per your Experience in below comments.

Most Commonly Asked Tax related Questions in an Interview

1. Is the provision for bad and doubtful debts allowed as expenditure under Income-tax act ?

2. What is the minimum alternate tax and when is it applicable ?

3. Is any issue related to MAT handled by you ? Discuss

4. What is an infrastructure company ? What are the benefits under income- Tax available to an infrastructure company ?

5. What is tax holiday ?

6. What is double taxation ?

7. Is tax audit compulsory for all organizations ?

8. Is there any advantage by having tax audit in addition to the statutory audit ?

9. What is the period within which an assessment can be re-opened by Assessing authority and for what reasons ?

10. What are the provisions of income tax act regarding TDS, deposit of TDS amount and filing of belated return by the company ? What are the panel provisions for non-compliance ?

11. As per act, who is required to file the return on behalf of a company ?

12. When and how is the tax audit carried out ?

13. Does the income tax act provide for statutory maintenance of records ? If so, what are they ?

14. Describe the provisions regarding “valuation of perks”.

15. The company offers you a compensation package of Rs. 30,000 per month. It also gives you an option to choose the item to be covered in the compensation package to reduce your tax liability on salary income. Please discuss your options.

16. Is it advantageous to close the accounting year in March or any other month ? Give reasons thereof ?

17. What do you understand by the term “rectification of assessment” ? What is the time limit available for the same ?

18. What is the rate of interest for late payment of tax and refunds ?

19. What is the consequence of not having pan for an assessee ?

20. What is the deadline for issuing form 16 and the procedure to be followed for issuing a duplicate form 16 ?

21. A consultant is engaged by a company at specified lump sum fees. Is deduction of service tax from the payment of fees mandatory ?

22. Is wealth tax act applicable to companies ? If so, give examples of major items that could be considered as part of taxable wealth.

23. What is section 14 of income tax act ?

24. What is the major cause of difference between accounting profit and tax profit ?

25. In case of power generation companies what are the typical provisions for depreciation and tax deduction ?

26. What are the benefits of SEZs/industrial parks ?

27. What is VAT ?

28. Tell us your view about the new direct tax code.

29. Tell about latest changes in taxation’

30. Differentiate direct & indirect taxes

31. What do you mean by withholding Tax

32. What are the changes in Corporate Tax in the last budget

33. Differentiate Customs & Excise tax ?

34. What do you understand by double taxation ?

35. What is Indexation ?

36. Is PAN necessary for non-resident ? Why

37. What are the slab rates for corporate tax ?

38. What are applicable TDS rates ?

39. Tell us about Goods and Service Tax.

40. What are tax implications in merger & acquisitions ?

41. What is deferred tax ?

42. Whether customs duty will be abolished ?

43. What are the heads of income under Income Tax Act ?

44. What is Tax Audit ? What we have to check in it ?

45. What is tax on agricultural income ?


You can prepare your own as well all the best for your Interview 🙂