Assistant Manager Tax Interview Preparation Guide

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
=>180000
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 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.

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.