1. What does personal mean to you by term?
The term personal according to section 2(31) includes a person, a family that is undivided, a firm or a company, a press association or a body of important individuals, an authority that is local, every person who is artificial and doesn’t fall under any of the sub-clauses that are preceding.
2. Talk about the heads of income which are needed to calculate total income?
The five heads of income that are needed to calculate the whole body of income include income from salaries, income from house properties, income from sources and other capital gains, income from house property etc.
3. What do you mean by a resident or an ordinary resident?
A person who is being treated as a resident and ordinary resident if he has managed to satisfy any of the conditions as given. The basic condition includes that the person should be living in India for a period of time that goes up to 182 days in the current or previous year.
Second, he could be in India for around 60 or even more during the previous year and has been in the same country for 365 days or even more during the past four years after preceding the previous year.
The additional conditions include that he has been a resident of India for two out of ten years or that he has been in India for 730 days or even more in the past seven years which precedes the previous years.
4. What will you define as the incidence of tax especially in the case of residents who are not ordinary?
A resident who is not ordinary shall be taxed if the income which has been received or has been received in India in the past year.
Second incomes that have been risen or even deemed to boost or raise in India in the past one year.
Third, incomes that have risen outside India from any business that has been controlled or professionally set up in India! Income received from outside of India from any business and was controlled or even by a profession that has been set up in India recently.
5. Which incomes have been believed to arisen here even if they have risen outside India?
While answering this question, you can say that any income which is risen from a property that is tangible and found in India, whether it is movable or not.
Income from the transfer of any of the capital asset which is found in India or any salary which was earned India even if it hasn’t been paid outside the country.
It could also be salaried which are paid by the government to any citizen of India or any national services that have been rendered outside the country.
6. Which incomes are not kept under section number ten of the act?
The incomes which have been exempted from section ten of the act include income related to agriculture, any amount which is received under any life insurance policy, sharing of profits of any partner from a firm, interest, bonus, premiums or any investment that is specified.
Other include educational scholarships, local authority and mutual funds, payments made to a member of parliaments or trade unions and funds, state insurance fund employees etc.
Capital gains and dividends which are received from state funds and gains which arise from the transferring of units can be counted.
Others have also added gifts and incomes that come occasionally, capital gains which are long term and capital gains because of the acquisition of any agricultural land.
7. Which of the items are needed in a salary?
Some of the basic items that are needed in any salary include wages, gratuity, annuity, payments which are received from any employer for any period of leave that is not availed of, free commission, profits instead of salary or in addition to wages, the advancement of salary etc.
8. What is the definition of gratuity?
Gratuity has been defined as the amount which is payable by the employer to the employee as a matter of recognition for any long term association of the employer or the employee. It can be paid to the employee in two occasions.
First of all, during the retirement of the employee and secondly when the employee has died and passed on the legal heirs to some other employee. In both these cases, the way of treatment will not be the same.
The amount that is paid by one employer to another during his retirement has been taxed as income from the salaries while the amount which is paid by the employer on matters of death of the employee is being taxed as income which comes from other sources.
9. Define pension and mention how it can be calculated:
The pension has been defined as a method of payment that is periodical and has been received by the employee itself from the other employee after he has ceased to be the employee. It may also be taxed as a salary.
The calculation of pension may be done in two forms.
- Commuted
- Uncommuted
The uncommuted one happens to be pensions that are paid and given regularly and is also taxable to all kinds of employees.
Commuted pension is one which happens to be a big sum of payment which is in lieu of any pension that is periodical.
10. There is a rank holder outside and you have failed consistently. Why should I give you the job?
While answering the question, don’t ever hesitate or show any signs of failure. Don’t let such questions put you down. Instead, you should answer by saying that he does have a good knowledge base and that being a rank holder makes him good.
But during your article ship, you have sharpened your knowledge as well. You have also had practical experiences and your recruiter should hire someone who is more knowledgeable and that you have better practical knowledge and experiences.
11. What are your areas of interest:
When you are being asked a question like this, don’t ever speak about things that are not related to the job. Instead, speak about what you would like to do in the job. Like if international taxation and finance is something you like, talk about it.
Talk about what is happening in the world around you and mention a few solutions to the problem. That will let your recruiting manager know you are intelligent, have enough knowledge and can handle an interview.
12. What is more important, money or company?
On being asked this question, you should always talk about the company. Here you should say that the company can help you learn and grow, something money cannot. The money will only take care of the financial aspects but not help me gather any experience.
Therefore it is better to focus on the company and gather more experience, learn new things so that you can improve not just the company but also yourself at the same time and that definitely is far more important than money.
