Interview Questions Answers in Taxation, Accounting AllOther, Audit, Accounting General, CompanyAffairs CS

Questions / { gulzar }

Questions Answers Category Views Company eMail

What extra accounts and legal formalities are maintened In excise firm other then normal saling firm.? also tell me tax aspect in Excise firm?

Taxation 1506

i am working in a construction company. my question is can we claim VAT paid on items like (i. e . Vat paid on stationery, purchase of printer catridge etc exp for official use. indirect exp.) ?

4 Taxation 4842

Answers / { gulzar }

Question { TATA, 36604 }

Please tell me about service tax? And service tax latest
rate?

Answer

service tax means tax which is charged on sernvices. (for
exp. labour provide, telephone services, Technical and
prosessional servises, Transpotation services, Security
services etc.)

The service Provider charge this tax in his bill to service
receiver. then service privider deposit this tax in Govt.
a/c on or before 5th of the following month.

Service Tax Rate for the financial Year 2012-13
is @ 12.36% ( Basic rate12% + Edu. cess 2% +Hr. Edu. cess
1%)

Is This Answer Correct ?

1 Yes

0 No

Question { Ambuja, 21496 }

what is present rate for excise duty & service tax for f.y
2009/10?

Answer

in New finacial year (2012-13)

Sarvice tax rate is 12.36%
Excise Dute also same Rate 12.36%

Is This Answer Correct ?

1 Yes

0 No

Question { FIC, 4694 }

What is the difference between debit and credit?

Answer

Debit and credit is to aspects on which all accounting is
based. these two word are the foundation of accounting.

Is This Answer Correct ?

1 Yes

1 No

Question { Infosys, 3136 }

Hi Friends!

Pls clear my doubt....
Is there any changes made in TDS rate for the A.Y. 2012-13?

Answer

there is no change for TDS rate during year 12-13

Is This Answer Correct ?

1 Yes

0 No

Question { 3590 }

what is stock?
what is bond?
who is portfolio manager?
corporare action?

Answer

Portfolio Manager :- Portfolio is a combination of Various Investments i.e. (Share + Govt Security + Others) The person Who manage the Portfolio is known as Portfolio manager.

Is This Answer Correct ?

0 Yes

0 No

Question { Morgan Stanley, 8426 }

please tell me debit credi entry , in respect of salary
advance and how to deduct,advance paid to employee

Answer

entry is as below

On Advance payment of Salary:-

Prepaid Salary a/c Dr.
cash/bank A/c Cr.

when Salary actually Due and Paid.

Salary A/c Dr.
Prepaid salary A/c cr.
Cash / Bank A/c Cr.

Is This Answer Correct ?

9 Yes

6 No

Question { 3456 }

I Need Full details about calculating value added tax ?

Answer

Vat is difference Between tax on Sales(Out Put Vat) and tax on purchases ( vat input).

Let's understand with this example.

suppose you purchased goods (Rs 100 + vat rs.12.5 )= 112.5
in this purchase the actual cost is Rs. 100 and Rs. 12.5 is Vat ( Vat Input credit).

Sale pries of goods ( Rs. 150 + Vat Rs 18.75 ) = 168.75
on this sales tax paid Rs 18.75

Vat = 18.75 -12.5 = 6.25

Is This Answer Correct ?

13 Yes

0 No

Question { 8352 }

HOW TO CALCULATE INPUT TAX CREDIT (ITC) ?

Answer

Input Tax credit = (VAT paid on Purchases - VAT on Purchase
return)

Is This Answer Correct ?

5 Yes

2 No

Question { 4042 }

If I sale old fixed assets then what will be its entry passed.
In loss as well as in Profit condition. Plz. advised me with
example.

Answer

if loss on sale

cash/ Bank a/c Dr.
P&L a/c ( if loss) Dr.
fixed assets Cr.

If loss on sale

cash / Bank a/c Dr.
P & L a/c ( profit) Cr.
Fixed assets Cr.

Is This Answer Correct ?

5 Yes

0 No

Question { 2872 }

WHAT IS THE LAST DATE FOR PAYMENT OF TAX OF EXCISE DUTY IN
CASE OF ( SSI ) UNIT .

Answer

10 th of the following month.

Is This Answer Correct ?

3 Yes

1 No

Question { 3213 }

we have sale material to party and freight paid by us. This
freight charged in sale invoice than what is the entry of
service tax in this case.

Answer

entery will be

Party name a/c Dr.
Sales A/c Cr.
Freight Chartes (including Service tax) Cr.

(Being sale made and fright charges paid along with service
tax.)

Is This Answer Correct ?

3 Yes

0 No

Question { 5211 }

Can anybody explain? what's consumeble items?

Answer

Consumables items are those items, things, material etc.
which are used to as component or as row materials for
final product.

Is This Answer Correct ?

1 Yes

0 No

Question { 6315 }

when contribution is negative, then how to calculate PV ratio?

Answer

lets understand with this exemple

Sales = 10, Variable cost= 3, Fixed cost = 3,

Sales = 10
less Variabled cost = 3
C0ntribution (10-3) = 7
less fixed cost = 3
profit = 4

Contriburion only negetive when Variable cost is more then
sales.

Is This Answer Correct ?

10 Yes

3 No

Question { 3492 }

i want to know that i have issued c form on 07.01.12 to a
party outside of state against period of bill on 2011 which c
form has issued by the sales tax department on 10.10.10, it is
correct

Answer

it dosn,t matter that on which date c form given by sale
tax office.

Is This Answer Correct ?

0 Yes

2 No

Question { 6489 }

Igave a cheque of Rs 25000/- to a Professional. Do I deduct TDS on Rs 25000/, then after three months I further pay the same Professional Rs 40000/-.Have I to pay Tds on 25000 Or Rs 65000/- or only Rs 40000/-,Have I to pay interest on delayed payment for Rs 25000/-?

Answer

in case professional fee TDS is deductables if
professional fee is excess of Rs. 30000/-

In this question Tds Is deductable amount is Rs. 65000/-
no interest willbe charged for delay payment of TDS on
25000/-

TDS is charged @ 10% of 65000/- that is Rs. 6500/-

Is This Answer Correct ?

11 Yes

3 No