Taxation job interview questions and answers guideline. Lean Taxation and get preparation for the job of Taxation

## 90 Taxation Questions and Answers:

### 1 :: 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
=>180000
so total annual salary 262260-180000 = 82260/-
TDS 82260*10.3% = 8472.78/-
and per month = 706/-

### 2 :: 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. As per excise rules 2002 the same goods
sold to vat bill in his own firm.

### 3 :: Where we show the 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

er1 is excise

### 5 :: Suppose Excisable material sold without charging excise duty, Now after 3 months, I am issuing Supplementary bill to party for Excise payment, now please tell me the interest need to pay for this and also is there need to pay interest if i have sufficient amount of cenvate credit balance in these 3 months?

For this you have to pay interest for three month @ 18%

### 6 :: What is LST Number?

LST Number means Local Sale Tax

13.5%

### 8 :: HOW TO FILE TDS/TCS TAX CHALLAN AND WHAT IS THE LAST DATE FOR THIS?

TDS File Challan no.281 last date of challan paid 7th every
month.Return filing Last date before 15th every quarter.

### 9 :: Suppose if we are not able to issue F form and Goods transfer treat as deeded sale and want to paid taxes on that sale. but local tax rate is Zero. in above situation I can transfer of goods without F Form and Without paying any tax?

Indirect Tax : CST

### 10 :: What is 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.

### 11 :: What is Sale in Transit Transaction and what are the forms issued and get form parties?

X Co.in Maharastra place order to Y Co in Kerala for a
material and Y Co.in 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.

### 12 :: Tell me what is taxation?

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

### 13 :: What does 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.

### 14 :: Tell me 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.

### 15 :: What is the effect 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.

### 16 :: Tell me 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.

### 17 :: What is the 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.

### 18 :: Tell me about 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.

### 19 :: Tell me what is hotel taxation?

Assessment for hotel tax is made during every financial year on the basis of return documents filed, inspection carried by the field staff and after giving the representative of the hotel an opportunity of being heard. Assessment order is issued and demand is raised in demand register.

### 20 :: What is motor registration fee and taxation?

Motor vehicle Tax is levied on every motor vehicle registered in any district with registration fee. Vehicle registration involves the recording of a motor vehicle in the official records after due verification. Vehicle registration is mandatory/compulsory under the law and is essential to prove the ownership of a vehicle. It is also required during the sale of a vehicle and transfer of its ownership.