Income tax essentials: Tax Year 2026-27 interview questions

Warm-up questions

Short questions with short answers, each answered in full.

1. Fresher

   What is a tax year under the Income-tax Act, 2025, and how is it different from an assessment year?

   Answered in the lesson How income tax works under the 2025 Act

2. Fresher

   How is total income different from gross total income?

   Answered in the lesson How income tax works under the 2025 Act

3. Fresher

   Which regime applies by default in Tax Year 2026-27, and how does a salaried person use the other one?

   Answered in the lesson New vs old tax regime: decide with numbers

4. Fresher

   Why does a salary of ₹12,75,000 pay no income tax in the new regime, and what happens just above it?

   Answered in the lesson New vs old tax regime: decide with numbers

5. Fresher

   How is the HRA exemption worked out in the old regime?

   Answered in the lesson Old-regime deductions, HRA and home loans

6. Fresher

   Why does ₹50,000 of NPS save ₹15,600 of tax for one person and ₹10,400 for another?

   Answered in the lesson Old-regime deductions, HRA and home loans

7. Fresher

   What is the Annual Information Statement, and why compare it with Form 130 before filing?

   Answered in the lesson TDS, AIS and advance tax

8. Fresher

   Who has to pay advance tax, and when?

   Answered in the lesson TDS, AIS and advance tax

9. Fresher

   Do you have to file an income tax return if your tax is nil?

   Answered in the lesson Filing your first income tax return

10. Fresher

    Which return form does a salaried person with savings interest use, and what moves them off it?

    Answered in the lesson Filing your first income tax return