ABCD Intern Interview Questions and Answers

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Q1. What is the meaning of finance?
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Finance refers to the management of money and other assets, including investing, borrowing, budgeting, and forecasting.
• Finance involves managing money and assets to achieve financial goals.

• It includes activities such as investing, borrowing, budgeting, and forecasting.

• Finance is essential for individuals, businesses, and governments to make informed financial decisions.

• Examples of finance include budgeting for personal...read more
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Q2. What are the different types of taxes in India?
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There are various types of taxes in India including income tax, goods and services tax (GST), corporate tax, customs duty, and excise duty.
• Income Tax: Tax levied on the income of individuals and businesses.

• Goods and Services Tax (GST): Indirect tax levied on the supply of goods and services.

• Corporate Tax: Tax levied on the income of companies.

• Customs Duty: Tax imposed on goods imported into or exported out of the count...read more
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Q3. What is payroll, and what are its key components?
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Payroll is the process of calculating and distributing wages to employees.
• Calculating employee wages based on hours worked or salary

• Deducting taxes and other withholdings

• Issuing paychecks or direct deposits

• Maintaining accurate records of employee compensation

• Key components include gross pay, deductions, net pay, and payroll taxes
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Q4. What is the process of bank reconciliation?
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Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances on its bank statement.
• Gather bank statements and accounting records

• Compare deposits and withdrawals between the two

• Identify and investigate any discrepancies

• Adjust the accounting records to match the bank statement

• Prepare reconciliation report
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Q5. What is a direct tax?
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A direct tax is a tax that is paid directly by an individual or organization to the government.
• Direct taxes are imposed on income, profits, assets, and wealth.

• Examples of direct taxes include income tax, corporate tax, property tax, and inheritance tax.

• Direct taxes are typically progressive, meaning that the tax rate increases as the taxable amount increases.
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Q6. What is an indirect tax?
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An indirect tax is a tax that is imposed on goods and services rather than on income or profits.
• Indirect taxes are usually passed on to the consumer through higher prices.

• Examples of indirect taxes include sales tax, value-added tax (VAT), and excise duty.

• These taxes are collected by an intermediary, such as a retailer, and then passed on to the government.
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Q7. What is the full form of ITC in the context of indirect tax?
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Input Tax Credit
• ITC stands for Input Tax Credit in the context of indirect tax

• It allows businesses to reduce the tax they have already paid on inputs from the tax they have to pay on outputs

• Example: If a business pays GST on raw materials, they can claim ITC to reduce the GST they owe on their final product
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Q8. GST, IGST,CGST,SGST,NEFT,RTGS Full Form
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Q9. GST Slab
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Q10. Place of Supply
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Place of Supply refers to the location where a supply of goods or services is deemed to take place for tax purposes.
• Place of Supply is crucial for determining the applicable tax rate and jurisdiction for a transaction.

• It is determined based on various factors such as the nature of supply, location of supplier, and location of recipient.

• For example, if a service is provided in India to a customer in the US, the place of...read more
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Q11. Time of Supply
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Time of Supply refers to the point in time when goods or services are deemed to be supplied for tax purposes.
• Time of Supply is important for determining when to account for GST or VAT.

• For goods, time of supply is usually the date of delivery or payment, whichever is earlier.

• For services, time of supply is typically the date of completion or payment, whichever is earlier.

• In some cases, time of supply may be triggered by...read more
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Q12. Eway Bill
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Q13. How many Returns are required for Goods and Services Tax (GST) and what are the filing dates?
Ans. 
For GST, there are multiple returns required with different filing dates.
• There are different types of GST returns such as GSTR-1, GSTR-3B, GSTR-4, etc.

• The filing dates for these returns vary based on the type of return and the turnover of the taxpayer.

• For example, GSTR-1 for monthly filers is due on the 10th of the following month, while GSTR-3B is due on the 20th of the following month.

• Taxpayers with turnover above a ...read more
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