Financial ➔ Income Tax Expert Job Interview Questions and Answers

Income Tax Expert related interview test questions and answers guide. The one who provides the best answers with a perfect presentation is the one who wins the job hunting race. Learn more about Income Tax Expert and get preparation for the new job interview

★ Explain me what is alternative minimum tax (AMT)?
★ What is Previous Year?
★ Do you know what is Taxation?
★ What is financial year?
★ Tell me what do you mean by fair rent?
★ What is the term person?
★ Do you know what is reserves and surpluses?
★ Explain me which income is considered as accrued income?
★ Do you know what is balanced Capitalization?
★ Please explain explain deferred tax asset?
★ Tell us who are resident but not ordinary resident?
★ Tell me do you know what is goodwill?
★ Tell me at what rate firms are required to pay tax on their income?
★ Do you know what is Permanent Account Number (PAN)?
★ Do you know what is deferred tax?
★ Tell me what is opportunity Cost?
★ Please explain us are you a team player?
★ Please explain what is luxury tax?
★ Differentiate between Financial Year, Assessment Year and Previous Year?
★ What is Assessment Year?
★ What is your greatest strength as Income Tax Expert?
★ Explain me what is capitalization? What is its importance?
★ Regarding salary, what are your expectations as Income Tax Expert?
★ Tell me suppose if a NRI buys property in India, does he has to pay property tax?
★ Please explain what is tax audit?
★ Please explain what is the difference between costing and cost accounting?
★ Do you know how is the income statement linked to the balance sheet?
★ Tell me what is Entertainment Tax?
★ What is your biggest weakness as Income Tax Expert?
★ Do you know what is Excise & Service Tax? What is the difference?
★ Tell us who are non resident?
★ Please explain what is a deferred tax liability and why might one be created?
★ Explain me how has your education prepared you for your career as Income Tax Expert?
★ Please walk me through a cash flow statement?
★ Do you know what is cost accountancy? What are the objects of Cost Accountancy?
★ Tell me how many heads are there under total income?
★ What is Amortization & Impairment?
★ Tell me what is excise duty?
★ Explain me what is the difference between the excise duty and the sales tax?
★ Please explain what are the Streamlined Sales and Use Tax Agreement?
★ Do you know what is composite cost of capital? Explain the process to compute it?
★ Explain what are the disadvantages of proprietary firms?
★ Please explain why are increases in accounts receivable a cash reduction on the cash flow  statement?
★ Tell me what are the types of Provident funds?
★ Tell me what are the deductions under Salary Head?
★ Tell me what items fall under the category of ‘securities’?
★ Explain me what is capital gain? Explain long term capital gains and how is it different from short term capital gains?
★ Tell me what do you understand by total income?
★ Explain me what are the two most basics financial statements prepared by the companies?
★ Tell me suppose i buy a piece of equipment, walk me through the impact on the 3 financial statements?
★ What are allowable and dis-allowable expenditure?
★ Explain me what is form c & d in sales tax?
★ 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?
★ Tell me what is the Securities Transaction Tax?
★ Explain me tax liability of an individual get affected due to his residential status?
★ Explain what are the advantages of proprietary firms?
★ Explain how is it possible for a company to show positive net income but go bankrupt?
★ Tell me what is your long-range objective as Income Tax Expert?
★ 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?
★ Tell me what are the different types of expenditures considered for the purpose of accounting?
★ Please explain what is capital structure? What are the principles of capital structure management?
★ Explain me what is income tax? How is it calculated?
★ Tell me do you know what is FBT?
★ Please explain when Deferred Tax Asset & Deferred tax liability arises?
★ Tell me what do you understand by transfer income?
★ Tell me the procedure to calculate Provident Fund, ESI, VAT and Sales Tax?
★ Explain me what is the difference between profit and gain?
★ Explain me deferred tax Liability? What items come under deferred tax liability?
★ Tell me how will you decide the residential status of an individual?
★ Do you know what is Opportunity Cost and Differential Cost?
★ Explain what are the main duties and responsibilities of a finance executive?
★ Tell me what are the various systems of Accounting?
★ Explain is it possible for a company to show positive cash flows but be in grave trouble?
★ Why should we hire you as Income Tax Expert?
★ Why did you leave you last job as Income Tax Expert?
★ Tell me what do you understand by dissolution of firm?
★ Explain me how will you calculate House Rent Allowance (HRA)?
★ Tell us what do you mean by Commercial Tax?
★ Do you know what is the difference between Fund flow vs. Cash Flow?
★ Explain me what is Inter Company Reconciliation?
★ Tell me how can a taxpayer get a refund for an overpayment of taxes?
★ Tell me what is Tax refund?
★ Tell me what are the basic and additional conditions for Resident and ordinarily resident (ROR)?
★ Do you know who is an assessee?
★ Tell me what is differential Cost?
★ Explain me what are adjustment entries? Why are they passed?
★ Do you know what are limited liability companies? What are its two types?
★ Do you know what is share capital?
★ Explain me what is a deferred tax asset and why might one be created?
★ Please explain what is working capital?

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