Assistant Manager Tax Interview Preparation Guide
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Assistant Manager Tax Frequently Asked Questions in various Assistant Manager Tax job Interviews by interviewer. The set of questions here ensures that you offer a perfect answer posed to you. So get preparation for your new job hunting

55 Assistant Manager Tax Questions and Answers:

1 :: Suppose If my salary is 21855 per month for financial year April 2011 - march 2012 what tax will be deduct?

Monthly salary = 21855
annual salary = 21855*12 = 262260/-
as per India TDS rule on TDS will be deducted on annual salary
so total annual salary 262260-180000 = 82260/-
TDS 82260*10.3% = 8472.78/-
and per month = 706/-

2 :: Suppose if A is purchased Excise Duty paid goods i.e. H.R.Sheet. He want to sell the same as vat bill without excise. It can be possible?

Yes it is possible. but that incoming excise invoice not take credit our RG23 A PATR II & not mentioned in rg23 a part i also.
we are ganerate commercial bill without excise duty.

3 :: Explain er1?

Meaning of Er1 is - Excise Return 1
this form submit in mfg unit every 10th next month last month all details mentioned in form as like Finished goods opening, mfg, clearance, closing, sale value excise duty, payable duty, credt details, closing bal. total details mentioned in form submit to excise office.

5 :: Explain LST Number?

LST Number means Local Sale Tax.

7 :: Where we show brought forwarded losses in the Balance Sheet?

Brought forward loss is shown as adjustments under Capital Account and is shown Liability side of Balance Sheet.

8 :: Can you please explain the difference between Sales Tax and VAT?

Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the total value of goods and services purchased.

9 :: Explain Sale in Transit Transaction and what are the forms issued and get form parties?

X Maharastra place order to Y Co in Kerala for a
material and Y Kerala Place order for that material
to Z Co. in Chennai and inform to supply directly to X in
Maharashtra .Here X is purchaser of Y and Y is the
purchaser of Z and Y asking Z to give the ownersp of
material to X insted of Y.Thais is sale in transit.Here
Consiner is Z and Consinee is X.Here other than C form
there is E-i and E-11 form also.Y purchaser of Z will give
C form to Z in exchange of E-1 and Y the seller of X will
get C form from X the purchaser.if X sells that matrl to A
in Maharashtra and give A E-II form and should charge 0%
tax.this is to avoid double taxation.

10 :: What government use taxation for?

Governments use taxation to encourage or discourage certain economic decisions. For example, reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs.

11 :: What is taxation without representation?

The taxation without representation refers to the inhabitants of the colonies being taxed by the government despite not having a representative government official to express the views of the citizens of the colonies.

12 :: What is effect of accounting taxation?

Effects on accounting taxation is the appropriation of income taxes during the time the taxes incurred instead of when the taxes need to be paid.

13 :: Explain taxation?

Taxation is a mean by which governments finance their expenditure by imposing charges on citizens and corporate entities.

15 :: What is a property taxation?

The levy and collection of property tax on lands and buildings. Property taxation is levied on lands and buildings declared as rating areas by the government. Property Taxation is one of the major taxes collected by the department.

16 :: What is aim of taxation papers?

The aim of the "Taxation papers" is twofold:
☛ To facilitate the spreading of the analysis of the Commission's Taxation and Customs Union.
☛ To contribute to the debate on taxation in the European Union.

17 :: Explain infrastructure cess taxation?

Infrastructure Cess tax regime is applicable to all the goods entering the province through sea or air. A Cess @ 0.85% (@0.125% of Gold only) is levied on the C and F value of goods as determine by the customs department.

18 :: What taxation principles include?

These include:
Broad Basing
Restricted exemptions

19 :: What is Adequacy?

Taxes should be just enough to generate revenue required for provision of essential public services.

20 :: What is Broad Basing?

Taxes should be spread over as wide as possible section of the population or sectors of economy, to minimize the individual tax burden.