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Job title : CA Inter

Questions being asked in the interview :

1.What does the term Person includes?
Ans.According to Section 2(31), the term Personal includes:
  • An Individual
  • A Hindu Undivided Family
  • A Company
  • A Firm
  • An Association of Persons or A Body of Individuals
  • A Local Authority
  • Every Artificial Person not falling under any of the preceding sub-clauses.

2.What are the five heads of income to calculate Total Income of the Assessee?
Ans.The five heads of income are as follows:
  • Income from Salaries
  • Income from House Property
  • Profits from Business and Profession
  • Income from Capital Gains
  • Income from Other Sources

3.Who is a Resident and Ordinarily Resident (ROR)?
Ans.An individual is treated as Resident and Ordinarily Resident if he satisfies any one of the basic conditions and both the following additional conditions –
Basic Conditions:
  • He is in India for a period or periods amounting in all to at least 182 days in the relevant previous year.
  • He is in India for 60 days or more during the relevant previous year and has been in India for 365 days or more during four previous years immediately preceding the relevant previous year.
Additional Conditions:
  • He has been Resident in India for at least 2 out of 10 previous years immediately preceding the relevant previous year.
  • He has been in India for 730 days or more during 7 previous years immediately preceding the relevant previous year.

4.Which are the main items included in Salary?
Ans.The main items included in salary are as follows:
  • Wages
  • Annuity or Pension
  • Gratuity
  • Fees commission, perquisites or profits in lieu of salary or in addition to salary or wages
  • Advance of Salary
  • Payment received from the employer for the period of leave not availed.

5.On what conditions deductions will be allowed from Income from other sources?
Ans.Any expenditure incurred for earning the income which is included under the head income from other sources will be allowed as a deduction from such income provided that the following conditions are satisfied:
  • The expenditure should not be capital expenditure
  • The expenditure should not be personal expenditure
  • The expenditure must have been incurred exclusively for earning the income chargeable under the head income from other sources.
  • There should be a clear relationship between expenditure incurred and the income earned.


(Written on: 21.10.2015)

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