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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
Try Tax Interview Questions & Answers - Exam Mode
Question: What is Buy-out Payment in Taxation?

Answer: Buy-out Payment in Taxation is the compensation that a participant who withdraws from an already active CCA may receive from the remaining participants for an effective transfer of its interests in the results of past CCA activities. 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 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 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
Question: What are the Loopholes in Taxation?

Answer: Loopholes in Taxation are the opportunities available in tax law to minimize a taxpayer's tax burdens. 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 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 Non-discrimination in Taxation?

Answer: Non-discrimination in Taxation means that the tax treaties frequently contain a "non-discrimination" article which stipulates that citizens or nationals of one country resident in the other country may not be subjected to local taxation which is different from or more burdensome than the tax to which citizens and nationals of the host country are subjected under the same circumstances (including as to residency). Source: CoolInterview.com
Question: What is Profit Shifting in Taxation?

Answer: Profit Shifting in Taxation is the allocation of income and expenses between related corporations or branches of the same legal entity (e.g. by using transfer pricing) in order to reduce the overall tax liability of the group or corporation. Source: CoolInterview.com
Question: What is Ministry of Finance (MoF) in Taxation?

Answer: Ministry of Finance (MoF) in Taxation is the department of government generally responsible for formulating monetary policy, implementing the tax laws, collecting revenue, etc. 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 Accounting period in Taxation?

Answer: Accounting period in Taxation is a period of time used by taxpayer for the determination of tax liability. Source: CoolInterview.com
Question: What is Indirect-charge Method in Taxation?

Answer: Indirect-charge Method in Taxation is a method of charging for intra-group services based upon cost allocation and apportionment methods. 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 Force of Attraction in Taxation?

Answer: Force of Attraction in Taxation is the concept under which a permanent establishment is taxed by the country in which it is located not only on the income and property, but also on all income derived by its foreign head office from source in, and all property owned by the foreign head office situated in, the country where the permanent establishment is located. The OECD model treaty does not allow application of it. 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 is Stamp Duties in Taxation?

Answer: Stamp Duties in Taxation is the duty levied upon the issue of official documents such as passports, deeds, contracts for the transfer of ownership, etc. Usually, stamp duties are "levied" by way of a stamp being fixed to the document in question. Source: CoolInterview.com
Question: What is Transfer Tax in Taxation?

Answer: Transfer Tax in Taxation is the tax levied on the transfer of goods and rights, e.g. purchase and/or sale of securities and immovable property. 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 Refund (of Tax) in Taxation?

Answer: Refund (of Tax) in Taxation is the tax repaid to a taxpayer. 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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