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Income Tax Interview Questions & Answers - Learning Mode
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Income Tax Interview Questions & Answers - Learning Mode

An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. An income tax is a tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporate tax. Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.

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Subcategories for Income Tax Interview Questions & Answers - Learning Mode

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

Assessments under the Income-tax Law Interview Questions & Answers (18) Learning Mode | Exam Mode

Computation Of Income Tax Interview Questions & Answers (15) Learning Mode | Exam Mode

Income Tax for House Property / Rental Income Interview Questions & Answers (31) Learning Mode | Exam Mode

Income Tax for Salaried People Interview Questions & Answers (14) Learning Mode | Exam Mode

Income Tax for Senior Citizens Interview Questions & Answers (9) Learning Mode | Exam Mode

Presumptive Taxation for Businesses Interview Questions & Answers (42) Learning Mode | Exam Mode

Set Off and Carry Forward of Losses Interview Questions & Answers (14) Learning Mode | Exam Mode

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Income Tax Interview Questions & Answers - Learning Mode
Try Income Tax Interview Questions & Answers - Exam Mode
Question: Who all can be considered as my relatives for income tax purposes?

Answer: ? Your wife or husband
? Your brother or sister
? Your wife or husband's brother or sister
? Your parents
? Your wife or husband's parents
? Your parents' brothers and sisters
? Your wife or husband's parents' brothers and sisters
? Legal heir, if any. Source: CoolInterview.com
Question: ​From where can I take the help of any expert on Income-tax related matters?

Answer: You can take the help of tax professionals or the help of Public Relations Officer [PRO] in the local office of the Income-tax Department. You may also take assistance from Tax Return Preparers [TRPs]. You can locate your nearest TRP at www.trpscheme.com. Source: CoolInterview.com
Question: ​Who can use ITR ? 1 (SAHAJ)?

Answer: Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:

(1) Income from salary/pension; or

(2) Income from one house property (excluding cases where loss is brought forward from previous years); or

(3) Income from other sources (excluding winnings from lottery and income from race horses).

Further, in a case where the income of another person like spouse, minor child, etc., is to be clubbed with the income of the taxpayer, this return for Source: CoolInterview.com
Question: What is assessment year? What is the difference between assessment year and previous year?

Answer: In simple terms, assessment year means the current year and previous year means the last or financial year. For example, if you are filing your tax now, year 2007-08 will be considered as previous year and 2008-09 will be considered as assessment year. Source: CoolInterview.com
Question: ​Am I required to keep a copy of the return filed as proof and for how long?

Answer: ​​Yes, since legal proceedings under the Income-tax Act can be initiated up to four or six years (as the case may be) prior to the current financial year, you must maintain such documents at least for this period. However, in certain cases the proceedings can be initiated even after 6 years, hence, it is advised to preserve the copy of return as long as possible. Further, after introduction of the e-filing facility, it is very easy and simple to maintain the copy of return of income. Source: CoolInterview.com
Question: ​How to deposit Self Assessment Tax or Advance tax to the credit of Government?​

Answer: Self ? Assessment Tax or Advance Tax is to be deposited to the credit of Government by using the challan prescribed in this behalf, i.e., ITNS 280. The Challan can be downloaded from www.incometaxindia.gov.in Tax can be paid in the designated banks through two modes, viz., physical mode, i.e., cash/cheque or e-payment mode. Source: CoolInterview.com
Question: ​Who cannot use ITR - 4?

Answer: ​​Form ITR ? 4 cannot be used by any person other than an individual or a HUF. Further, an individual or a HUF not having income from business or profession cannot use ITR ? 4.​​ Source: CoolInterview.com
Question: ​Do I need to insist on some proof of payment from the Banker to whom I have submitted the challan?

Answer: The filled-up taxpayer?s counterfoil will be stamped and returned to you by the bank. Please ensure that the bank?s stamp contains BSR Code [Bankers Serial Number Code], Challan Identification Number [CIN], and the date of payment. In case of e-payment a computer generated copy will be issued. Source: CoolInterview.com
Question: ​Where and how am I supposed to file my return?

Answer: ​Return of income can be filed either in hard copy at the local office of the Income-tax Department or can be electronically filed at www.incometaxindiaefiling.gov.in
In the case of certain persons, e-filing is mandatory.​ Source: CoolInterview.com
Question: Is the income tax act applicable only to residents?

Answer: It is applicable to both residents and non-residents. If you earn income in India then you would have to pay more taxes even if you are a non-resident of the country. Source: CoolInterview.com
Question: ​What are the different modes of filing the return of income?

Answer: The Return Form can be filed with the Income-tax Department in any of the following ways:-

(i) by furnishing the return in a paper form;

(ii) by furnishing the return electronically under digital signature;

(iii) by transmitting the data in the return electronically under electronic verification code;

(iv) by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note:

Where th Source: CoolInterview.com
Question: ​Who cannot use ITR - 6?

Answer: ​​​​​Form ITR ? 6 cannot be used by a company claiming exemption under section 11​ (charitable/religious trust can claim exemption under section 11).​ Source: CoolInterview.com
Question: ​Am I liable for any criminal prosecution [arrest/imprisonment, etc.] if I don?t file my Income-tax return, even though my income is taxable?

Answer: Non-payment of tax attracts interests, penalty and prosecution. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment could be 6 months to 7 years).​​ Source: CoolInterview.com
Question: Who is a resident of India, for the purpose of Income Tax Return Filling?

Answer: If you have spent more than 182 days in India then you are considered as a resident irrespective of your citizenship. Source: CoolInterview.com
Question: ​Can income from assets transferred to son?s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?

Answer: As per section 64(1)(vi)​​, if an individual transfers (directly or indirectly) his/her asset to his/ her son's wife otherwise than for adequate consideration, then income from such asset will be clubbed with the income of the individual (i.e., transferor being father-in-law/mother-in-law). The provisions of clubbing will apply even if the form of asset is changed by the transferee-daughter-in-law.

If the asset is transferred before marriage of son, no income will be clubb Source: CoolInterview.com
Question: ​Who can not use ITR-2A?

Answer: ​​​​Return Form - ITR 2A cannot be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2016-17 includes,-

(a) Income from Capital Gains; or

(b) Income from Business or Profession; or

(c) Any claim of relief/deduction under section 90, 90A​ or 91; or

(d) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located ou Source: CoolInterview.com
Question: ​Who cannot use ITR - 3?

Answer: Form ITR ? 3 cannot be used by an individual or HUF whose total income for the year includes income from Business or Profession under any proprietorship.​ Source: CoolInterview.com
Question: ​How does the Government collect Income-tax?

Answer: Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.​ Source: CoolInterview.com
Question: ​Who cannot use ITR - 7?

Answer: ​​​​​Form ITR ? 7 cannot be used by a person who is not required to furnish return under section 139(4A) or section 139(4B)​ or section 139(4C) or section 139(4D) or section 139(4E​)​ or section 139(4F​)​ (i.e., trusts, political party, institutions, colleges, investment fund, ​etc.). Source: CoolInterview.com
Question: ​There are various deductions that are not filed in Income Tax Return Earlier. Can I claim such deductions later?

Answer: Yes, it can be claimed if you are otherwise eligible to claim the same.​ Source: CoolInterview.com

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