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Income Tax Expert Interview Questions And Answers
Income Tax Expert related Frequently Asked Questions by expert members with job experience as Income Tax Expert. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts
1 Please explain what is working capital?
2 Explain me what is a deferred tax asset and why might one be created?
3 Do you know what is share capital?
4 Do you know what are limited liability companies? What are its two types?
5 Explain me what are adjustment entries? Why are they passed?
6 Tell me what is differential Cost?
7 Do you know who is an assessee?
8 Tell me what are the basic and additional conditions for Resident and ordinarily resident (ROR)?
9 Tell me what is Tax refund?
10 Tell me how can a taxpayer get a refund for an overpayment of taxes?
11 Explain me what is Inter Company Reconciliation?
12 Do you know what is the difference between Fund flow vs. Cash Flow?
13 Tell us what do you mean by Commercial Tax?
14 Explain me how will you calculate House Rent Allowance (HRA)?
15 Tell me what do you understand by dissolution of firm?
16 Why did you leave you last job as Income Tax Expert?
17 Why should we hire you as Income Tax Expert?
18 Explain is it possible for a company to show positive cash flows but be in grave trouble?
19 Tell me what are the various systems of Accounting?
20 Explain what are the main duties and responsibilities of a finance executive?
21 Do you know what is Opportunity Cost and Differential Cost?
22 Tell me how will you decide the residential status of an individual?
23 Explain me deferred tax Liability? What items come under deferred tax liability?
24 Explain me what is the difference between profit and gain?
25 Tell me the procedure to calculate Provident Fund, ESI, VAT and Sales Tax?
26 Tell me what do you understand by transfer income?
27 Please explain when Deferred Tax Asset & Deferred tax liability arises?
28 Tell me do you know what is FBT?
29 Explain me what is income tax? How is it calculated?
30 Please explain what is capital structure? What are the principles of capital structure management?
31 Tell me what are the different types of expenditures considered for the purpose of accounting?
32 Tell us why do capital expenditures increase assets (PP&E), while other cash outflows, like paying salary, taxes, etc., do not create any asset, and instead instantly create an expense on the income statement that reduces equity via retained earnings?
33 Tell me what is your long-range objective as Income Tax Expert?
34 Explain how is it possible for a company to show positive net income but go bankrupt?
35 Explain what are the advantages of proprietary firms?
36 Tell me what do you understand by total income?
37 Explain me tax liability of an individual get affected due to his residential status?
38 Tell me what is the Securities Transaction Tax?
39 Tell me can a person fill a NRI in an Income tax form if he has been out of India for six months though he is Indian citizen?
40 Explain me what is form c & d in sales tax?
41 What are allowable and dis-allowable expenditure?
42 Tell me suppose i buy a piece of equipment, walk me through the impact on the 3 financial statements?
43 Explain me what are the two most basics financial statements prepared by the companies?
44 Explain me what is capital gain? Explain long term capital gains and how is it different from short term capital gains?
45 Tell me what items fall under the category of ‘securities’?
46 Tell me what are the deductions under Salary Head?
47 Tell me what are the types of Provident funds?
48 Please explain why are increases in accounts receivable a cash reduction on the cash flow statement?
49 Explain what are the disadvantages of proprietary firms?
50 Do you know what is composite cost of capital? Explain the process to compute it?
51 Please explain what are the Streamlined Sales and Use Tax Agreement?
52 Explain me what is the difference between the excise duty and the sales tax?
53 Tell me what is excise duty?
54 What is Amortization & Impairment?
55 Tell me how many heads are there under total income?
56 Do you know what is cost accountancy? What are the objects of Cost Accountancy?
57 Please walk me through a cash flow statement?
58 Explain me how has your education prepared you for your career as Income Tax Expert?
59 Please explain what is a deferred tax liability and why might one be created?
60 Tell us who are non resident?
61 Do you know what is Excise & Service Tax? What is the difference?
62 What is your biggest weakness as Income Tax Expert?
63 Explain me which income is considered as accrued income?
64 Tell me what is Entertainment Tax?
65 Do you know how is the income statement linked to the balance sheet?
66 Please explain what is the difference between costing and cost accounting?
67 Please explain what is tax audit?
68 Tell me suppose if a NRI buys property in India, does he has to pay property tax?
69 Regarding salary, what are your expectations as Income Tax Expert?
70 Explain me what is capitalization? What is its importance?
71 What is your greatest strength as Income Tax Expert?
72 What is Assessment Year?
73 Differentiate between Financial Year, Assessment Year and Previous Year?
74 Please explain what is luxury tax?
75 Please explain us are you a team player?
76 Tell me what is opportunity Cost?
77 Do you know what is deferred tax?
78 Do you know what is Permanent Account Number (PAN)?
79 Tell me at what rate firms are required to pay tax on their income?
80 Tell me do you know what is goodwill?
81 Tell us who are resident but not ordinary resident?
82 Please explain explain deferred tax asset?
83 Do you know what is balanced Capitalization?
84 Do you know what is reserves and surpluses?
85 What is the term person?
86 Tell me what do you mean by fair rent?
87 What is financial year?
88 Do you know what is Taxation?
89 What is Previous Year?
90 Explain me what is alternative minimum tax (AMT)?
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