Agrawal Dhruv and Co Interview Questions and Answers

Depreciation entry with dates

• Depreciation is a non-cash expense that reduces the value of an asset over time

• Depreciation entry includes debiting Depreciation Expense and crediting Accumulated Depreciation

• Depreciation is recorded on a regular basis, usually monthly or annually

• Depreciation entry should include the date of the transaction

The rate of income tax for individuals varies based on their income level.

• The tax rate ranges from 0% to 30% depending on the income level

• Individuals with income up to Rs. 2.5 lakhs are exempt from income tax

• Those earning between Rs. 2.5 lakhs to Rs. 5 lakhs are taxed at 5%

• Income between Rs. 5 lakhs to Rs. 10 lakhs is taxed at 20%

• Income above Rs. 10 lakhs is taxed at 30%

• Additional surcharge may apply for high-income ea