10+ Zend Technologies Interview Questions and Answers

Section 194Q under income tax act mandates TDS at 0.1% on taxable value for buyers with turnover over 5 Cr, while sellers must charge TCS at 0.1%.

• Section 194Q of the income tax act requires buyers with turnover exceeding 5 Cr to deduct TDS at 0.1% on taxable value.

• If the turnover of the buyer is not more than 5 Cr, the seller has to charge TCS at 0.1% over the payable value.

• TDS and TCS rates are both set at 0.1% under this section.

• Compliance with Section 194Q is essential for...read more

Goods and services covered under RCM include specified categories like transportation services, insurance services, and goods purchased from unregistered dealers.

• Transportation services

• Insurance services

• Goods purchased from unregistered dealers

Accrued income is recorded as a debit in the balance sheet under current assets to reflect revenue earned but not yet received.

• Accrued income represents revenue that has been earned but not yet received.

• Debiting accrued income in the balance sheet under current assets increases the company's assets and reflects the amount of revenue that is owed.

• This adjusting journal entry ensures that the company's financial statements accurately reflect the revenue earned during the accoun...read more

Section 194Q is a TDS provision on payment made to resident for purchase of goods

• Section 194Q mandates deduction of TDS at 0.1% on purchase of goods exceeding Rs. 50 lakhs in a financial year

• It applies to buyers whose turnover exceeds Rs. 10 crores in the preceding financial year

• The TDS deducted under section 194Q needs to be deposited with the government and a TDS certificate must be issued to the seller

• It is applicable from 1st July 2021

Input GST on goods can be claimed by ensuring proper documentation and compliance with GST regulations.

• Ensure that the goods are eligible for GST input credit

• Maintain proper invoices and receipts for the goods purchased

• File GST returns accurately to claim input credit

• Follow GST regulations and guidelines for claiming input credit

Accrued income is recorded as a revenue on the income statement even though the cash has not been received yet.

• Accrued income is recognized when it is earned, regardless of when it is received.

• To book accrued income, debit the accrued income account and credit the revenue account.

• Example: If a company provides services in December but does not receive payment until January, the accrued income for December would be recorded in December's financial statements.

Equipment placement in a module involves considering space constraints, functionality, and safety. Piping is done based on equipment layout and process requirements.

• Consider space constraints and equipment functionality when placing equipment in a module

• Ensure proper clearance for maintenance and operation

• Follow process requirements and safety regulations when designing piping layout

• Use piping software or tools to optimize piping design

• Consider factors like pressure, flow rat...read more

My current CTC is $100,000 and my expected CTC is $120,000.

• Current CTC: $100,000

• Expected CTC: $120,000

Listen actively, empathize, and offer solutions to manage a hyper customer.

• Remain calm and composed

• Listen actively to their concerns

• Empathize with their situation

• Offer solutions to their problems

• Provide exceptional customer service

• If necessary, involve a manager to resolve the issue

Oil and gas costing details involve analyzing expenses related to exploration, production, and transportation of oil and gas.

• Analyze costs associated with drilling, equipment, labor, and transportation

• Monitor expenses for maintenance, repairs, and upgrades of oil and gas facilities

• Calculate overhead costs and allocate them to specific projects

• Review contracts with suppliers and vendors to ensure cost-effectiveness

• Utilize cost control software to track and manage expenses