APPL Industries Accounts Receivable Executive Interview Questions and Answers

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 applicab

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 ...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 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 reco

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 statemen...read more

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