Question { 5396 }

what are rate of tds ? what main difference betn tds & tcs

Answer

TDS on Rent 15.45%

TDS on Salary

160000 Nil,

160000 to 300,000 10%

300,001 to 500,000 20%

500001 to 100,00,00 30%

Womens

190000 to 300,000 10%

300,001 to 500,000 20%

500001 to 100,00,00 30%

Senior Citizen
2,40,000 to 300,000 10%

300,001 to 500,000 20%

500001 to 100,00,00 30%

Question { IBPS, 27805 }

Why do we prepare trial balance?

Answer

Because before balance sheet or profit and loss account we
need summarized data

Question { Capital IQ, 7701 }

what is TDS

Answer

TDS means Tax Deducted at Source. It is the amount withheld
from payments of various kinds such as salary, contract
payment, commission etc. This withheld amount can be
adjusted against your tax due.

Question { IBM, 5627 }

WHAT ARE THE TYPES OF TAXATION?

Answer

Tax is revenue collection Transfer from Government account
there is two types of Taxes Direct Tax and indirect Tax

Question { Airtel, 12565 }

What is the journal entry for goods sold to Mr A in 1 month
credit of rs 5000. and also pass entry for non repayment of
money after 1 month by Mr A. (What entry will come for this?)

Answer

A Dr. 5000.00

To Sales Account 5000.00

(Being Goods Sold on Credit invoice No....... for one month
credit)

there is only one entry pass coz no need for repayment entry

Question { 3754 }

how tds is calculated?

Answer

You can calculate tda as per tds % it is applicable total
Bill Amount suppose Tds on Professional fees deduction rate
is 10% you receive bill rs.10000/-book entry as under:-

Legal & Professional Fees Dr. 10000.00
To Vendor 9000.00
TDS on Professional Fees 1000.00
(Bill No………………….)

Vendor Dr. 9000.00
To Cash/bank 9000.00
(Being amount paid against bill no…………….)

plz reply me:aktiwari13@rediffmail.com

Question { 26502 }

I Have Deducted the tds against advance payment and how to
adjust in the bill

Answer

Advance Entry. Paid 10000/-

Vendor A/C Dr. 10000
To,Cash Cr. 9800
To,TDS on Contract 2% Cr. 200

(Being amount paid as Advance)


When bill receive Rs.25000/-

Printing & Stationery Dr. 25000
To Vendor Cr. 24700
To TDS on Contract Cr. 300

(Bill No……….. Tds already paid Rs.200.00


final entry.

Vendor Dr. 14700
to Cash 14700
(Being Amount paid against bill no…………..)

Question { 4849 }

I have deducted the tds against advace payment on 150000 ie
3000 paid to govt, in jan month in april month i rec
300000 bill so how to adjust the previous advance tds in
this bill

Answer

Take provision Rs.300, 000 as per vendor confirmation up to 31 March after that total bill will book in April in receptive heads and tds will deduct Rs.3000/- suppose your vendor was supplying printing Materials

31 March
Printing & Stationery Dr.300, 000.00
To Expense payable cr. 300,000.00
(Being Provision taken up to 31 March)

01 April
Expenses payable Dr. 300000.00
To Printing & Stationery Cr. 300000.00
(Being entry reversed)

April when you receive bill

Printing & Stationery Dr.300000.00
To Vendor 297000.00
To TDS on Contract 3000.00
(Bill No………….. for the Period: ……….Tds 3000/- Already deducted Jan )

Question { 5079 }

which expenses are covered under indirect expenses

Answer

All expenses are covered in indirect expenses that are lived
after the production of Goods

For Example

Electricity Expenses
Telephone expenses
Rent

Question { 5158 }

waht is Entry Tax ? how to sett of vat?

Answer

Entry tax is levied on that product which tranfer or enter
a product from-one state to another state or one District
to another district,if you sale as such the prodcut not
restructuring.

There is two types of entry tax are available
1) Entry on Motor Vehicles-- Motor
Vehicles purchsed in other
state enteres to a different State, then entry tax is
leviable. tHIS IS APPLICABLE ONLY FOR VEHICLES liable to be
registered under Motor Vehicles Act. The tax paid in other
State can be compensated or set back of taken, if the rate
of tax is highter in the State where the vehicle is entring
2) Entry Tax on goods--this has been recently strucked by
the apex court in the case of Jindal Strips Ltd for the
reason that entry levied shgould be compensatable otherwise
it can be levied

Question { 4193 }

when receieve cheque from a party and we deposite cheque in
bank
how do this entry

Answer

Bank A/C Dr.
To Party A/c

(Cheque No......... Being Amount receive against
Bill/invoice No.......)


From
Amit Tiwari
aktiwari13@rediffmail.com

Question { Genpact, 6730 }

what are hedge funds

Answer

A hedge fund is a private, aggressively managed investment
fund that utilizes sophisticated strategies in both the
international and domestic markets to generate returns
higher than traditional stock and bond investments or to
offset losses during a market downturn

Question { 4318 }

how will calculate gratuity.

Answer

We will consider only the last drawn salary even though
basic salary changed every year of a employee.

(Last drawn salary (basic+DA)*total years of service*15)/26

Question { 5238 }

if the chq is dishonored which entry will be passed????????
give example entry

Answer

Party Dr. 1.00
To Bank A/c 1.00
(Cheque No…….. Being Cheque return against invoice No./Bill
No…………………….)

Question { IOCL, 4126 }

whats the manufacturing account

Answer

Manufacturing Account It is prepared to ascertain the cost
of goods manufactured during an accounting period.