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CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     26 June 2011

Interview with Big Four

IT WILL SURELY HELP MANY OF THE STUDENTS. THANKS



 49 Replies

ROHIT CHATURVEDI

ROHIT CHATURVEDI (CA Final Student )     24 June 2011

sir i m also eagerly waiting toward your answers for these questions as i also have to appear in an interview and i want to know what can be the best answers for these 

1 Like
CA  SURENDRA  KUMAR  RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Practising CA at Surat)     24 June 2011

 

First of all, don't presume that whatever has been asked to your friend will be asked to you also.

 

Stillllll....I appreciate your query. 

.

All the queries are related to concepts.  

.

These are designed to test the analytical skills of the students and current knowledge of the students about the Tax Laws prevalent in the World !

.

 

 

 

 

1.

( i ) 

Various sections/chapters are interrelated in the sense that if  we miss one which is relevant for the computation of income; we can't compute the Total Income correctly. 

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(ii)

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Even though Agricultural Income is Tax Free; still it needs to be included for the purpose of knowing Tax Rates applicable to the assessee.  

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(iii). 

 

If you get exemption under one section; you are not allowed to get exemption in any other section for the same thing. 

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(iv)

For carry forward and set off of losses; we have to see inter head adjustments.

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(If students can give the answer in this manner; I don't think the interviewer expects much more than this from a student).  

 

2. The suitable answer is :

.

I appreciate the Income-Tax Laws because these have been drawn very prudently.

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For example; NRI income which he earns in foreign countries are not taxed because we can't come to know what he is earning  there as he comes  to  India for very few days. So we can't collect tax from him.  

.

At another point of time; his income is taxable in India when he has some business of which he has control  in India. Control in India means; person is managing the business in India. Then government can also watch his actions which he takes in India ! Hence taxes are collected from him in India. 

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Moreover, Double Tax Avoidance Agreemtns are there where India has pacts with foreign countries. These are designed to give natural justice to a man. 

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( Language should be very simple while communicating with the interviewer). 

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( Moreover a mastery in the subject  can be shown only when one can express his views in very simple language ). 

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Indian Income-Tax has various tax exemptions, and tax rebates. Different depreciation rates are provided.  These all are prudently designed.

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Previously it was thought that India needs computerisation; hence a higher rate of depreciation was framed. Later on it was felt that really value is depreciating too fast; hence higher depreciation were retained on the computers.  

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To boost the production of a particular segment e.g. Exports from India, SEZ were designed and various tax exemptions are given.  

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Tax exemptions are required to boost the areas where we need development.

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TDS and Advance Tax  are part of Tax Administration which government needs for its expenditure. So these are also prudently designed.  

 

3. Income Tax sould be abolished only when we will "abolish" our earning ! 

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( The interviewer would be happy to get such answer from you, they also don't want typical answer all the time ). 

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Hence No Income - No Tax.

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Those who don't earn; for them; income tax does not work at all right now !

To a particular level of income to an individual; say upto Rs.1,80,000 income is  already exempted from tax.

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4. Indirect Taxes are paid by all whereas Direct Taxes are paid by the assessees  who earns income. Indirect  taxes are paid by the consumer whereas Income-tax is paid by the earner. So difference of burden of taxability is between Consumer and the Earning Person. 

( The raising of this question shows that interviewer wants to know whether you have your own analytical skills on the subject).


5. Now-a-days; the Tax Rates in India are almost at par with foreign developed countries.

( Here interviewer wants whether you refer newspapers and magazines daily ). 

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.

.

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More can be added in the answers, but not desired at the interview level because within 5-10 minutes suitability of the student is decided. 

 


45 Like
ROHIT CHATURVEDI

ROHIT CHATURVEDI (CA Final Student )     24 June 2011

thanks a lot sir......the answers are really helpful espicially the agricultural income one.........

Namrata

Namrata (Spirutial Being)     24 June 2011

Thanks a lot sir for sharing

Really helpful

Ritesh Indian Son[CMA*CS*CA]

Ritesh Indian Son[CMA*CS*CA] (" Simple Living High Thinking ")     25 June 2011

Thnx sir 4 sharing.......:)

Bharath

Bharath (C.A,C.S)     25 June 2011

REALLY VERY VERY HELPFUL SIR,..

THANKS FOR UR TIME IN POSTING THIS,....

Vikas Gupta

Vikas Gupta (CHARTERED ACCOUNTANT)     25 June 2011

Thanks Sir....


(Guest)

Thank you very much sir

Hardik Dave

Hardik Dave (IPCC and CS Professional(FINAL) Student)     25 June 2011

Thanku very much Sir.smile. It will help to many CA students.
1 Like
Prachi Lohia

Prachi Lohia (Chartered Accountant)     25 June 2011

Sir it 's very helpful for us, really thanks

Rishabh

Rishabh (Article Assistant at KPMG CHD.)     25 June 2011

Thank you very much sir for your valuable reply to the questions....!!!


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