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Tax Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM TAX INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Tax Interview Questions & Answers - Learning Mode

Tax is a fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. A tax (from the Latin taxo) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law.

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Following are sub categories for which Interview Questions & Answers are available under Tax Interview Questions & Answers - Learning Mode. Please select the appropriate sub-category:-

Anti Dumping Duty Tax Interview Questions & Answers (24) Learning Mode | Exam Mode

Capital Gains Tax Interview Questions & Answers (31) Learning Mode | Exam Mode

Corporate Tax Interview Questions & Answers (9) Learning Mode | Exam Mode

Custom duty & Octroi / Entry Tax Interview Questions & Answers (28) Learning Mode | Exam Mode

Dividend Distribution Tax Interview Questions & Answers (10) Learning Mode | Exam Mode

ECommerce Entry Tax Interview Questions & Answers (30) Learning Mode | Exam Mode

Education Cess , Surcharge Interview Questions & Answers (9) Learning Mode | Exam Mode

Entertainment Tax Interview Questions & Answers (5) Learning Mode | Exam Mode

Excise Duty Tax / CENVAT Interview Questions & Answers (21) Learning Mode | Exam Mode

Gift Tax Interview Questions & Answers (54) Learning Mode | Exam Mode

Goods and Services Tax (GST) Interview Questions & Answers (48) Learning Mode | Exam Mode

Income Declaration Scheme - 2016 Interview Questions & Answers (15) Learning Mode | Exam Mode

Income Tax Interview Questions & Answers (105) Learning Mode | Exam Mode

Infrastructure Cess Tax Interview Questions & Answers (7) Learning Mode | Exam Mode

Krishi Kalyan Cess Interview Questions & Answers (14) Learning Mode | Exam Mode

Municipal Tax / Property Tax Interview Questions & Answers (46) Learning Mode | Exam Mode

Perquisite Tax Interview Questions & Answers (13) Learning Mode | Exam Mode

Professional Tax Interview Questions & Answers (30) Learning Mode | Exam Mode

Sales Tax Interview Questions & Answers (18) Learning Mode | Exam Mode

Securities Transaction Tax Interview Questions & Answers (12) Learning Mode | Exam Mode

Service Tax Interview Questions & Answers (152) Learning Mode | Exam Mode

Stamp Duty, Registration Fees, Transfer Tax Interview Questions & Answers (4) Learning Mode | Exam Mode

Swachh Bharat Cess Interview Questions & Answers (15) Learning Mode | Exam Mode

Tax Deducted at Source (TDS/ TCS) Interview Questions & Answers (18) Learning Mode | Exam Mode

Toll Tax Interview Questions & Answers (21) Learning Mode | Exam Mode

Value Added Tax Interview Questions & Answers (54) Learning Mode | Exam Mode

Wealth Tax Interview Questions & Answers (22) Learning Mode | Exam Mode

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Tax Interview Questions & Answers - Learning Mode
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Question: What is Business Purpose Test in Taxation?

Answer: Business Purpose Test in Taxation is the test used as a weapon against tax avoidance schemes. Artificial schemes which create circumstances under which no tax or minimal tax is levied may be disregarded if they do not serve a "business purpose". Source: CoolInterview.com
Question: What are Investment Incentives in Taxation?

Answer: Investment Incentives in Taxation are the financial and tax incentives used to attract local or foreign investment capital to certain activities or particular areas in a country. Source: CoolInterview.com
Question: What is Tax Foreclosure in Taxation?

Answer: Tax Foreclosure in Taxation is the process of enforcing a lien against property for non-payment of delinquent property taxes. Source: CoolInterview.com
Question: What is Lump-sum Exempt Amount in Taxation?

Answer: Lump-sum Exempt Amount in Taxation is the fixed sum of income, net worth, etc., below which no tax is due. Source: CoolInterview.com
Question: What is Taxable Base in Taxation?

Answer: Taxable Base in Taxation is the thing or amount on which the tax rate is applied, e.g. corporate income, personal income, real property. Source: CoolInterview.com
Question: What is Compensation in Taxation?

Answer: Compensation in Taxation is the direct and indirect monetary and non-monetary rewards to employees. Source: CoolInterview.com
Question: What are Floors in Taxation?

Answer: Floors in Taxation are the lower limits on tax benefits and detriments, e.g. in medical expense. A taxpayer must spend more than the floor for a deduction, and only the amount above the floor is deductible. Source: CoolInterview.com
Question: What is Imputed Interest in Taxation?

Answer: Imputed Interest in Taxation or Implied interest means, in a mortgage that states an insufficient interest rate, tax law will impute a higher rate and a lower principal, which will increase taxes on the receipt of payment. Source: CoolInterview.com
Question: What is Withholding Tax in Taxation?

Answer: Withholding Tax in Taxation is the tax on income imposed at source, i.e. a third party is charged with the task of deducting the tax from certain kinds of payments and remitting that amount to the government. Withholding taxes are found in practically all tax systems and are widely used in respect of dividends, interest, royalties and similar tax payments. The rates of withholding tax are frequently reduced by tax treaties. Source: CoolInterview.com
Question: What is Supplemental Assessment in Taxation?

Answer: Supplemental Assessment in Taxation is the determination of tax liabilities at the discretion of the tax authorities if an original assessment is incomplete or incorrect in any material respect. Source: CoolInterview.com
Question: What are Bearer Securities in Taxation?

Answer: Bearer Securities in Taxation are the stocks, bonds, etc. in which ownership can be transferred from one holder to another without registration of the transaction by the issuing company, that is, title passes with delivery. Source: CoolInterview.com
Question: Explain about refer?

Answer: Personal Holding Company in Taxation is the company, the shares of which are principally owned by or attributed to the taxpayer, and which is set up to receive his investment income. Source: CoolInterview.com
Question: What is Excise Tax in Taxation?

Answer: Excise Tax in Taxation is a tax imposed on an act, occupation, privilege, manufacture, sale, or consumption. Source: CoolInterview.com
Question: What is Retroactive Effect in Taxation?

Answer: Retroactive Effect in Taxation is the effect of tax law provision towards the past, which is allowed only to the advantage of a taxpayer. Source: CoolInterview.com
Question: What is Equal Treatment in Taxation?

Answer: Equal Treatment in Taxation is the general principle of taxation that requires that taxpayers pay an equal amount of tax if their circumstances are equal. Source: CoolInterview.com
Question: What is Indirect Tax in Taxation?

Answer: Indirect Tax in Taxation is the tax imposed on certain transactions, goods or events. Examples include VAT, sales tax, excise duties, stamp duty, services tax, registration duty and transaction tax. Source: CoolInterview.com
Question: What is Written Down Value in Taxation?

Answer: Written Down Value in Taxation is the value of an asset which is depreciable for income tax purposes, determined by deducting from the total cost, including installation, etc. the deduction that have been made for wear and tear or depreciation in previous tax years. Source: CoolInterview.com
Question: What is Gross Up in Taxation?

Answer: Gross Up in Taxation means to add back the amount of tax which has been paid to the value of property or other income received. The term includes the process by which corporation add credits (e.g. imputation credits or foreign tax credits) received to net income received before calculating their tax liabilities. Source: CoolInterview.com
Question: What is Return of Capital in Taxation?

Answer: Return of Capital in Taxation is a distribution that is not paid out of the earnings and profits of a corporation. Rather, it is a return of the shareholder's investment in the stock of the company. Source: CoolInterview.com
Question: What is Foreign Exchange Tax in Taxation?

Answer: Foreign Exchange Tax in Taxation is the special tax imposed on transactions involving sales of foreign exchange by domestic banking institutions and authorized exchange brokers. Source: CoolInterview.com

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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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