About to attend an important CA interview this week?
Wondering what questions you will be asked?
If yes, then this post is perfect for you. In today’s article, we are going to discuss some of the most important CA interview questions and answers and how you can ace one easily.
Not only that, we have enlisted some really important tips and ideas that will help you get ready for the interview easily. So without any further delay, let’s just get straight to the ideas.
Best Chartered Accountants CA Interview Questions and Answers:
The following mentioned are few interview questions for ca and few job interview tips that help you prepare for an interview.
1. What does personal mean to you by term?
The term personal according to section 2(31) includes a person, a family that is undivided, a firm or a company, a press association or a body of important individuals, an authority that is local, every person who is artificial and doesn’t fall under any of the sub clauses that are preceding.
2. Talk about the heads of income which are needed to calculate total income?
The five heads of income which are needed to calculate the whole body of income includes income from salaries, income from house properties, income from sources and other capital gains, income from house property etc.
3. What do you mean by resident or an ordinary resident?
A person who is being treated as resident and ordinary resident if he has managed to satisfy any of the conditions as given. The basic condition include that the person should be living in India for periods of time that go upto a 182 days in the current or previous year.
Second, he could be in India for around 60 or even more during the previous year and has been in the same country for 365 days or even more during the past four years after preceding the previous year.
The additional conditions include that he has been a resident of India for two out of ten years or that he has been in India for 730 days or even more in the past seven years which preceds the previous years.
4. What will you define as the incidence of tax especially in the case of residents who are not ordinary?
A resident who is not ordinary shall be taxed if the income which has been received or has been received in India in the past year.
Second incomes that have been risen or even deemed to boost or raise in India in the past one year.
Third, incomes which have risen outside India from any business that has been controlled or professionally set up in India! Income received from outside of India from any business and was controlled or even by a profession that has been set up in India recently.
5. Which incomes have been believed to arisen here even if they have risen outside India?
While answering this question, you can say that any income which is risen from a property that is tangible and found in India, whether it is movable or not.
Income from the transfer of any of the capital asset which is found in India or any salary which was earned India even if it hasn’t been paid outside the country.
It could also be salaries which are paid by the government to any citizen of India or any national services that have been rendered outside the country.
6. Which incomes are not kept under section number ten of the act?
The incomes which have been exempted from section ten of the act include income related to agriculture, any amount which is received under any life insurance policy, sharing of profits of any partner from a firm, interest, bonus, premiums or any investment that is specified.
Other includes educational scholarships, local authority and mutual funds, payments made to member of parliaments or trade unions and funds, state insurance fund employees etc.
Capital gains and dividends which are received from state funds and gains which arise from the transferring of units can be counted.
Others have also added gifts and incomes that come occasionally, capital gains which are long term and capital gains because of acquisition of any agricultural land.
7. Which of the items are needed in a salary?
Some of the basic items that are needed in any salary include wages, gratuity, annuity, payments which are received from any employer for any period of leave that is not availed of, free commission, profits instead of salary or in addition to wages, advancement of salary etc.
8. What is the definition of gratuity?
Gratuity has been defined as the amount which is payable to the employer to the employee as a matter of recognition for any long term association of the employer or the employee. It can be paid to the employer in two occasions.
First of all, during the retirement of the employee and secondly when the employee has died and passed on the legal heirs to some other employee. In both these cases the way of treatment will not be the same.
The amount that is paid by one employer to another during his retirement has been taxed as income from the salaries while the amount which is paid by the employer on matters of death of the employee is being taxed as income which comes from other sources.
9. Define pension and mention how it can be calculated:
Pension has been defined as a method of payment that is periodical and has been received by the employee itself from the other employee after he has ceased to be the employee. It may also be taxed as a salary.
Calculation of pension may be done in two forms.
Pension that is uncommuted and one that is commuted.
The uncommuted one happens to be pensions that are paid and given regularly and is also taxable to all kinds of employees.
Commuted pension is one which happens to be a big sum of payment which is in lieu of any pension that is periodical.
10. There is a rank holder outside and you have failed consistently. Why should I give you the job?
While answering the question, don’t ever hesitate or show any signs of failure. Don’t let such questions put you down. Instead you should answer by saying that he does have a good knowledge base and that being a rank holder makes him good.
But during your article ship, you have sharpened your knowledge as well. You have also had practical experiences and your recruiter should hire someone who is more knowledgeable and that you have better practical knowledge and experiences.
11. What are your areas of interest:
When you are being asked a question like this, don’t ever speak about things that are not related to the job. Instead speak about what you would like to do in the job. Like if international taxation and finance is something you like, talk about it.
Talk about what is happening in the world around you and mention a few solutions to the problem. That will let your recruiting manager know you are intelligent, have enough knowledge and can handle an interview.
12. What is more important, money or company?
On being asked this question, you should always talk about company. Here you should say that the company can help you learn and grow, something money cannot. Money will only take care of the financial aspects but not help me gather any experience.
Therefore it is better to focus on the company and gather more experience, learn new things so that you can improve not just the company but also yourself at the same time and that definitely is far more important than money.
Tips Before Attending a CA Interview by Experts:
Here are some valuable interview tips and advice for interviews that you should remember before attending a CA interview.
1. Dress code for male and female candidates:
Before attending a CA interview, you should be dressed accordingly. Here are some points that will help you understand what job interview dress should be worn during an interview
Dressing code for male candidates:
For males, we would recommend a conservative suit preferably in blue. You should wear polished black shoes and keep the tie black in colour. Don’t wear a bow or anything like that. Your hairstyle should be top notch and moustaches should be neat and well trimmed. Same goes for the beard. Don’t forget to wear socks that match your trousers. And most importantly, wear good cologne. Everybody likes to smell good after all! It is a stress buster and provides you with relief immediately.
Dressing code for female candidates:
The dressing code for female candidates is also quite simple. You can wear a regular two piece formal suit for women. Wear proper shoes and conservative heels if you can walk in them. Make sure the nail paint is light and ensure that your makeup is not too heavy. Don’t wear dark colours like cherry or blood red. Stick to nude shades and keep your eye makeup as simple as possible. Also you should wear cologne for good smell! It matters a lot.
2. How should you prepare yourself for the interview?
Before you go for a CA interview, it is important to prepare for interview i.e the big day. So make sure to spend at least two hours a day on gathering more information and knowledge.
Read more newspapers and magazines and be informed of what is happening around the world. Watch history channels and those on culture that may give you a good idea on lifestyle and how people live in different parts of the world.
Secondly, prepare a couple of presentations at home itself. Know about the stock markets and ensure that you have a good idea about finance. Third, be ready to answer questions on taxation.
3. Basic things you should know before attending an interview:
Never say that you come from a small or mediocre firm firstly. Second, listen to what the interviewer has to say or question and then answer them accordingly. Third, never show your hair or nose of face while speaking. It shows you don’t have much confidence. Don’t allow your interviewer to repeat any of the questions either. Finally you should never beg for a job. Also don’t forget to be well mannered while attending the interview.
4. Talking about your salary:
There are times when your recruiter will say that they will only pay you a certain amount per year for working. This amount could be very small and might not be able to fit your interests. So what should you do? Get up and walk away? Absolutely not! You should instead say that you are ready to work with them and are thankful for the selection. But at the same time, don’t forget to say that don’t they want a motivated person to be a part of the organization? When you answer like this, there is a bigger chance of negotiation.
5. Basic things you must always remember:
Here are a few basic stuff you must always remember before attending an interview. First of all, pick a simple topic and speak about it at least for ten minutes. You can record it in your mobile phone to see how you have spoken. Second, have a good knowledge about your hobby. If you like cricket, do know about the Indian cricket team. Third, arrange all your documents and papers in such a way so that you can explain whenever a question has been asked to you.
This brings the post to an end. If you have enjoyed reading it and have found help, do let us know by commenting on the box below. We would be more than happy to hear your comments and feedback. Also if you have questions in mind, we would like to be informed about it. On that note, good luck and we hope you land at CA interview at ease.