Direct Tax Corporate Tax Interview Questions

Direct tax interview questions
 Tell me something about yourself
 Why do we hire you?
 Your Articleship was totally Based on Audit then Why Audit then why are you
choosing Taxation as your profile ?
 Do you have any questions for us.
 Technical Round EY ( Manager/ Senior Manager)
1. What Is DRP , Which Type of Assessee can go Under DRP , When they can go
2. Forwarding of Draft order by assessing Officer ( Case Scenario)
3. Under reporting/ Misrepresenting of Income
4. When and Who can file an Appeal before ITAT (case Scenario)
5. Questions Related to Budgets
6. NR Taxation - If Resident Paying interest to Non resident then what would be
taxability ,
7. DTAA - (case Scenario) Rate applicable to Assessee Which will be more beneficial
8. Questions Related to Academics - I failed in class 11th and I did my 12th With
NIOS how it's possible for You to because chartered Accountants

9 . Tax rate of Royalty
PARTNER ROUND - ASSOCIATE PARTNER
 Tell me About Yourself and about Your family
 Questions Related to family
 Senior Partner
 Tell me about Yourself and about Your Family (in Short)
 Questions Related to CV
 1. Draft a Partnership Deed - (starting Para )
 2. Terms and Conditions in Partnership Deed
 3. Taxation Part 45(4) and 9B (case Scenario)
 4. case Scenario related to Articleship
 5. Behavioural Questions
 6. I got Exemption in IDT then Why DT not IDT
 7. Why Should we hire You
 8. What are Your hobbies.

 9. We want someone who will be with us for a long duration then - how can you
manage if any personal issues arose After Joining with Us because Your hometown is
in UP amd Family also living there - Ensure
 Chapter VI A Deduction
 MAT, AMT
 Sec 10AA
 Sec 50b
 Sec 43ca
 Sec 50ca
 How to compute business income
 Taxation of buyback
 TDS Sections, Rate
 Budget 2021 and 2022
 PGPB along with some relevant famous case laws.
 Capital gain amendment and it's impact on the industry.
 Basic tax rate, new tax regime and it's impact on the industry.
 Assesment Procedure amendment.
 Tell me about major amendments in the recent budget for corporates.
 How many clauses are there in form 3CA/CB and CD?
 Give a quick overview regarding important provisions of tax audit reports.
 Tell me about amendments in the previous budget (the recent one was Budget 2020
but they asked for Budget 2019)
 Have you ever filed TDS / TCS return? Explain the overview of TDS return for salary
 Question from Budget 2020, About the new option to tax income for individuals:
Explain which option is more beneficial. Tell me for which class of person this
scheme will be beneficial and why?
 Explain rates applicable for companies. 15%/22%/25%/30%/40%
 Certain allowances/disallowances under PGBP
 Few questions on the recent budget. Any major amendments.
 What is New Pension Scheme. Why it was started. Do you think it is beneficial for
non-govt employees to invest in NPS
 What is the Swatch Bharat cess and education cess? Why has this cess been charged
to the taxpayers? Who retains the amount of cess..?
 What is DTAA's
 LTCG u/s 112A
 List the criteria for exemption of H.R.A
 Explain the difference between STCA and LTCA
 Tell me what types of income is included under the head of income from other
sources?
 Balance depends upon profile: a. Compliance Profile: Provision related to Return,
TDS, TCS, Assessment, Appeal, penalty, etc are relevant b. Transfer pricing;
Complete International Taxation is important c. M&A Tax: Capital gains, losses
carried forward, section 72A, 79, 2(19AA), etc are relevant d. Corporate Tax: PGBP,
TDS/TS must
 Describe allowances that are fully taxable?
 What is a superannuation fund?
 Difference between tax planning and tax evasion
 MAT Credit Journal entries

 For how many yrs have unabsorbed depreciation and business loss can be carried
forward
 Residential status of individual
 Concept of Marginal Relief and how is it calculated
 How does the tax liability of individual gets affected because of his residential status
 Sec 234A, 234B, 234C
 Security assessment, Income escaping assessment
Meaning of Income Tax Law and IT rules
- Different heads of income
- Slab rates and special rates of tax
- Rebate under section 87A
- ITR forms and their due dates
- Different ways of IT payment
The below terms are a must-know before appearing for interviews-
- Important definitions (Person, Company, AOP, BOI, etc)
- Deductions under Chapter VI-A
- Form 26AS and form 16
- Annual Information Statement
- Income Computation and Disclosure Standards (ICDS)

New regime vs old regime questions? Which is beneficial?
Tds/ tcs rates to be studied properly
Assessment proceedings
Hot topics
1. NR taxation chapter ( some time big 4 ask 90% questions from that chapter)
2. DTAA
3. chapter via deduction
4. Due u think current Amendment waa harsh on the salried tax payer ?
5. Questions related to slump sales, 11UA, Sec 79, Sec 72A
1. Income under the head ‘Salary’
- What are the standard deductions allowed?

- What is the relief provided under section 89?
- Name the allowances available to a salaried employee.
- How is Gratuity taxed?
- What is provident fund and its types?
2. Income under the head ‘House Property’

- Explain tax treatment of co-owned property.
- Explain tax treatment of composite rent
- What are the deductions available from Annual Value?
- How can borrowed capital benefit the owner from tax point of
view?
- What is the tax treatment for the interest for pre-construction
period?
3. Income under the head ‘Profits and Gains from Business and
Profession’
- What are the different depreciation methodologies and their rates?
- Which expenses are admissible and those disallowed?
- Explain presumptive taxation under section 44AD
- What is rule 6DD?
- Explain the criteria and process of tax audit of business and
profession.
4. Income under the head ‘Capital Gain’
- What is indexation?
- When is an asset classified as short or long term and what are the
relevant tax implications?
- What is cost of improvement and its tax treatment?
- Explain tax treatment of compulsory acquisition.
5. Income under the head ‘Income from Other Sources’

- What is dividend and deemed dividend?
- Can you avail deduction on family pension? Quote the relevant
provision.
- Explain liquidation of capital and its tax impact.
6. Miscellaneous topics
- What is the interest charged on non-deduction or non-payment of
TDS?
- What is Minimum alternate Tax?
- What is the fee charged under Section 234E and 234F?
- What are the consequences of a belated return?
- What is Dividend stripping and bonus stripping?
- What is the penalty for misreporting of income?
What is the meaning of Arms Length Pricing (ALP)?

- What was Transfer Pricing introduced?
- Why do we need regulation around transfer pricing?
- Explain international transactions under Sec 92B.
- What are the different methods for computing ALP? Explain one of
them in detail.
- What are the due dates for transfer pricing returns?
- What is Functional Asset & Risk analysis?
- What is BEPS AP13?
- Why are the OECD guidelines important?
- How do you search for comparables in relation to our tested party?
- What is Form 3CEB?
- What is Advance Pricing Agreement (APA)?
- What are Safe Harbour Rules?
- What is a Permanent Establishment?
- What are Associated Enterprises?
- What is Comparable Uncontrolled Price Method
What is the tax treatment for AOPs?

- Can Indian company merge with a foreign company?
- What is a Permanent Establishment?
- Do you require NCLT approval required for all merger deals?
- What is section 9 about?
- Is FDI and Foreign investment the same?
- What is direct transfer of shares? Is direct transfer taxable?
- Are there any prohibitions to invest in Nidhi company?
- Explain the provisions of section 47
- What is the difference between slump sale and itemized sale?
- In what scenario the new company is not allowed to carry forward
the losses?
- What is FIS?
- What does section 6 talk about?
- What is PPT? How is it different from domestic GAAR of India?
All the best

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Direct Tax Corporate Tax Interview Questions

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Direct tax interview questions

 Tell me something about yourself

 Why do we hire you?

choosing Taxation as your profile ?

 Do you have any questions for us.

 Technical Round EY ( Manager/ Senior Manager)

2. Forwarding of Draft order by assessing Officer ( Case Scenario)

3. Under reporting/ Misrepresenting of Income

5. Questions Related to Budgets

6. NR Taxation - If Resident Paying interest to Non resident then what would be

NIOS how it's possible for You to because chartered Accountants

PARTNER ROUND - ASSOCIATE PARTNER

 Tell me About Yourself and about Your family

 Questions Related to family

 Tell me about Yourself and about Your Family (in Short)

 1. Draft a Partnership Deed - (starting Para )

 2. Terms and Conditions in Partnership Deed

 3. Taxation Part 45(4) and 9B (case Scenario)

 4. case Scenario related to Articleship

 6. I got Exemption in IDT then Why DT not IDT

 7. Why Should we hire You

 8. What are Your hobbies.

in UP amd Family also living there - Ensure

 How to compute business income

 TDS Sections, Rate

 Budget 2021 and 2022

 PGPB along with some relevant famous case laws.

 Capital gain amendment and it's impact on the industry.

 Assesment Procedure amendment.

 Tell me about major amendments in the recent budget for corporates.

 How many clauses are there in form 3CA/CB and CD?

 Give a quick overview regarding important provisions of tax audit reports.

but they asked for Budget 2019)

scheme will be beneficial and why?

 Explain rates applicable for companies. 15%/22%/25%/30%/40%

 Certain allowances/disallowances under PGBP

 Few questions on the recent budget. Any major amendments.

non-govt employees to invest in NPS

to the taxpayers? Who retains the amount of cess..?

 LTCG u/s 112A

 List the criteria for exemption of H.R.A

 Explain the difference between STCA and LTCA

 Balance depends upon profile: a. Compliance Profile: Provision related to Return,

Complete International Taxation is important c. M&A Tax: Capital gains, losses

 Describe allowances that are fully taxable?

 What is a superannuation fund?

 Difference between tax planning and tax evasion

 MAT Credit Journal entries

 Residential status of individual

 Concept of Marginal Relief and how is it calculated

 Sec 234A, 234B, 234C

 Security assessment, Income escaping assessment

Meaning of Income Tax Law and IT rules

- Different heads of income

- Slab rates and special rates of tax

- Rebate under section 87A

- ITR forms and their due dates

- Different ways of IT payment

The below terms are a must-know before appearing for interviews-