Interview Questions Answers in Law AllOther, Taxation, Accounting AllOther, Accounting General, Audit

Questions / { vipul chauhan }

Questions Answers Category Views Company eMail

WHICH INCOME TO SHOWN UNDER THE HUF HEAD FOR INCOME TAX PURPOSE AND HOW TO CREATE HUF

Law AllOther 1809

please give me asnwer about the huf created and which to be shown in huf as per income tax rulse

1 Law AllOther 2869

if transportation paid by the party and tds not applicable then the tds return is to be filed by the party for transportation only

Law AllOther 1575

IT TRANSPORTATIN PAID BY THE PARTY THEN TDS RETURN TO BE FILED BY THE PARTY FOR ONLY TRANSPORTATION DETAILS I.E. TRANSPORTATION DETAILS SHOWN IN THE TDS RETURN EVEN NO TDS

Law AllOther 1616

Answers / { vipul chauhan }

Question { 24840 }

What is the meaning of dealer?

Answer

Any person who carries on business in purchasing, selling,
supplying or distributing goods and also includes works
contractor, company, Co-operative Society, Broker,
Commission Agent, Auctioneer or any other mercantile Agent
for the consideration of cash, commission and deferred
payment.

There are two types of dealer such as:
1)Registered dealer.
2)Unregisterd Dealer

3) interstate dealer Lumsump Dealer Etc.

Is This Answer Correct ?

7 Yes

4 No

Question { ABC, 98889 }

What is the Difference Between Retail Invoice & Tax
Invoice?

Answer

retail and tax invoice both will be tax displayed but retail
invoice the purchser can not get benefit of tax and tax
invoice the purchser get tax benefit there is major
different in retail and tax invoice.

Is This Answer Correct ?

3 Yes

2 No

Question { 3256 }

what is the mean of payment of contract,subcontract and
professional charges

Answer

professional charges in which the payment is made on the
work in which tds also applicable and also one type of fee
and contrat and sub contract in which the payment is made on
the basic of work in which also tds applicable and sub
contract in which the party cotractor gives work to other
contractor in which the tds applicable and payment made on
the work by recive not first party but from the contractor

Is This Answer Correct ?

1 Yes

0 No

Question { 40230 }

When Selling a goods to a party Excise Duty chargable on
VAT or not.

Answer

first sale price + excise duty + insurance and loading etc
thereafter vat to be calculated

Is This Answer Correct ?

8 Yes

4 No

Question { 3493 }

Can anybody tell me that what is the difference among ER-
1,ER-2,ER-5 and also write please applicablity
circuler/rule for its limitation or please advice me the
best book related rules which is helpful for excise
accounting. "THANKS IN ADVANCE"

Answer

er -1 for salary perosn

er -2 for other income exclulding business income

and er -5 for the partnership firm in which the return filling

above are income tax return and yearly filling return

Is This Answer Correct ?

0 Yes

5 No

Question { 5260 }

shares & debentures ?

Answer

share and debentures both are different the company first
of all can issue the share and there after issue the
debentures main different dividend payable on share and
interest payble on debenture and if the company does not
arise the profit the dividend not payable but interest on
debenture is compulasry if not incurred the profit
debenture must be remmed the within the time limit and
share can be paid after dissolution of the company

Is This Answer Correct ?

2 Yes

0 No

Question { 9519 }

What is TDS,rate od TDS and who is liable for TDS?

Answer

tds rate which is applicable in different income when the
income in more than exemption limit under the tds rate then
tds is applicable and such tds amount refundable if the
gross income is not taxable and also 15g and 15h form can
be filled for no deduction of tds

Is This Answer Correct ?

11 Yes

1 No

Question { 3542 }

If, we rentout our fixed asset. is this transaction
appliocable to service tax

Answer

no service tax applicable on rentout of fixed assets but
tds applicable if more than exemption limit

Is This Answer Correct ?

2 Yes

0 No

Question { Capital IQ, 9226 }

what is contingent liability

Answer

contigent liability which is payable on the event it may be
payable or not for example the insurance amount is payable
if incurred the event otherwise not payable this is called
the contigent liabilities

Is This Answer Correct ?

6 Yes

2 No

Question { 5450 }

How TDS Is Calculated

Answer

tds will be deducted as per rates income tax and the payment
made by the payer to deduct the tax and thereafter to pay
the amount to the payee if does not pan number will be same
rate except other case

Is This Answer Correct ?

0 Yes

2 No

Question { 5227 }

what is TDS

Answer

TDS means tax deducted at sources in which the assessee who
is earning income as per income tax rules the the tax will
be deducted from the income and deducted income deposited to
the income tax department and remaining amount paid to the
person

Is This Answer Correct ?

17 Yes

0 No

Question { Genpact, 10013 }

Can we claim for the amt. of CST paid if in the case of
sales return with in six month?

Answer

yes we can claim if cst paid and also goods return shown in
the vat return

Is This Answer Correct ?

3 Yes

0 No

Question { Airtel, 4659 }

cab we give form c on o% sales tax

Answer

yes c form can be given if the goods purchase where the sale
tax not applicable it means the sale tax is zero rate the no
any cst paid but c form must be given where purchase under
in interstate dealer

Is This Answer Correct ?

4 Yes

4 No

Question { 21648 }

How do we use C-Form.

Answer

When the goods are sold out of state than become interstate
sale but this is applicable when the buyer must be
registered and he will issue c form against sell and also
tax rate will be decreased exam . goods sold aginst c form
then cst payable 2% and buyer will issue the c form to the
seller and subimited in the sale tax department for getting
credit of tax

Is This Answer Correct ?

38 Yes

8 No