Interview with Big Four

thank you very much

Thank you for your valuable answers...

Thankyou very much Sir, Your answers are very helpful.

beautifully said surendra sir

Respected Sir, I seek your expertise in solving my queries related to taxation. Kindly answer them at the earliest as I am in direst need of these answers by virtue of my interview in Ernst & Young in coming days: 1. Income Tax Act, 1961 charges tax on income. Then why TDS is deducted on gross amount rather than on income by a party? 2. What does Sec. 9 of I-T Act imply? Describe in your own words. (Main constituent of controversy in Vodafone Case Law) 3. Why benefit u/s 10(10C){VRS} is not allowed if relief u/s 89(1) is claimed by an employee? 4. What is the difference between “Property held under trust is business” and “Trust is carrying on business”? 5. Why in some cases, Individuals and HUF (Who are not subject to tax audit u/s 44AB) are allowed relaxation from deducting TDS? What was the intention of lawmaker behind such provisions? 6. Briefly elaborate the main theme (concept) of Sec. 234A, 234B & 234C? 7. What could be the possible reasons for providing alternate rates of tax and abatements in service tax? Why they are being provided when specific rate of service tax is applied? 8. How do you view Direct Tax Code in India? Will it revolutionize Direct Taxation procedures in India? 9. What is the period in which an assessment can be reopened by assessing authority and for what reasons? 10. Does Income Tax Act provide for maintenance of records? If so, what are they? {I think they are elucidated in Sec. 44AA, if I am correct} 11. What are the provisions of I-T Act relating to TDS, its deposit and filing of belated return by the company? 12. A consultant is engaged by a company at a specified lump sum fees. Is deduction of service tax mandatory from payment of fees?