INCOME TAX (E-FILLING OF INCOME TAX)

Interview Questions

Answer: Income tax is a direct tax levied on the income of individuals and entities by the government. It is a key source of revenue to fund public services and infrastructure.
Answer: E-filing refers to electronically filing income tax returns over the internet. It simplifies the tax filing process, reduces errors, and allows for faster processing of returns.
Answer: E-filing offers advantages such as quicker processing, instant acknowledgment, reduced paperwork, and the ability to track the status of the tax return.
Answer: The financial year is the year in which income is earned, while the assessment year is the year in which income is assessed and taxed. For example, the financial year 2022-23 corresponds to the assessment year 2023-24.
Answer: Form 16 is a certificate issued by employers to employees, detailing their salary, TDS deducted, and other exemptions. It is essential for filing income tax returns.
Answer: TDS stands for Tax Deducted at Source. It is the amount deducted by the employer or any other deductor at the time of making payments like salary, interest, rent, etc.
Answer: Gross income is the total earnings before deductions, while net income is the amount left after deducting taxes and other deductions.
Answer: Exemptions reduce the taxable income, whereas deductions reduce the tax liability directly.
Answer: HRA is an allowance provided by employers to employees to meet the cost of renting a home. The HRA exemption is calculated based on factors like salary, HRA received, and actual rent paid.
Answer: ITR-1 is for individuals with income from salary, one house property, and other sources. ITR-2 is for individuals and HUFs having income from more than one house property and other sources.

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Please Login to See Full Content

Popular Interview Topics

Income Tax with E-Filing Inventory Management BUSY Tally.ERP9 With GST TDS (with E-Filing) Accounting Expert GST With e-Filing INCOME TAX (E-FILLING OF INCOME TAX) Payroll Processing TallyPrime With GST

Trending Courses

Advanced MS - Excel With MIS Reporting

₹999₹12500

Website Design Using WordPress

₹1499₹12500

Solid Works Training

₹499₹15000

Catia Training

₹499₹15000

Staad Pro Training

₹499₹15000

Join Thousand of Happy Students!

Subscribe our newsletter & get latest news and updation!