Taxation Interview Questions and Answers - 2
9. What is TDS return?A deductor has to deposit the deducted TDS to the government and the details of the same have to be filed in the form of a TDS return. A TDS return has to be filed quarterly.
10. Should a person file return of income even if his income is below taxable limits?Yes, he can file return of income voluntarily even if his income is less than basic exemption limit.
11. What documents are to be enclosed along the return of income?There is no need to enclose any documents with the return of income. However, one should retain the documents to produce before any competent authority as and when required in future.
12. Should we disclose all our income in the return even if it is exempted?Yes. Income from every source including exempt income must be disclosed.
13. What is GST?GST is a single tax on supply of goods and services.
14. What are the taxes that GST replaces?The GST replaces indirect taxes such as:
Central Excise Duty
Special Countervailing Duty
Value Added Tax (VAT)
Central Sales Tax (CST)
15. What is CGST?CGST is Central Goods and Services Tax levied by the Union Government on any transaction made within state i.e. sales, purchase, import, lease, transfer etc. It replaces taxes like Central Excise and Service tax.
16. What is SGST?SGST is State Goods and Services Tax levied by a State Government on local sales within State. It replaces taxes like VAT, Luxury tax and Entertainment tax.
17. What is IGST?IGST is Integrated Goods and Services Tax levied by the Union Government on Interstate Supply of Goods and Services. It replaces taxes like CST(Central Sales Tax)