Alamy Images Team Lead Interview Questions and Answers for Experienced

Yes, advance payment received from client needs to be filled in GSTR return.

• Advance payment received from client is considered as a liability and needs to be reported in GSTR return.

• It should be reported in the month in which the advance payment is received.

• If the advance payment is adjusted against the invoice, then it needs to be reported in the month in which the invoice is issued.

• Failure to report advance payments

To handle collection and fees on time, proper communication and follow-up with clients is necessary.

• Establish clear payment terms and policies upfront

• Regularly follow-up with clients on outstanding payments

• Offer payment plans or discounts for early payments

• Consider using automated payment reminders

• Maintain accurate records of all transactions

• Be firm but polite when dealing with delinquent accounts

Receivable is an amount owed to a company by its customers for goods or services provided on credit.

• Receivables are recorded as assets on the balance sheet.

• They are typically collected within a short period of time, usually 30-60 days.

• Examples include accounts receivable, notes receivable, and interest receivable.

• Receivables are an important part of a company's cash flow management.

• They can be factored or sold to a thi...read more

TDS and TCS are tax deductions made at source by the payer. Section due dates vary based on the type of payment.

• TDS stands for Tax Deducted at Source and is deducted by the payer while making payments to the payee.

• TCS stands for Tax Collected at Source and is collected by the seller while selling certain goods.

• Section due dates vary based on the type of payment and are mentioned in the Income Tax Act.

• For example, the d...read more