BrewApps Interview Questions and Answers

The file extension name created by the TDS Return software is .txt.

• The TDS Return software generates a text file with the .txt extension.

• This file contains the details of tax deducted at source (TDS) by the deductor.

• The .txt file can be opened and viewed using any text editor or spreadsheet software.

• It is commonly used for filing TDS returns with the income tax department.

The contribution rate from employee and employer refers to the percentage of salary that each party contributes towards a retirement or pension plan.

• The contribution rate is typically determined by the retirement plan or pension scheme in place.

• In many cases, the employee and employer each contribute a certain percentage of the employee's salary.

• For example, the employee may contribute 5% of their salary while the employer contributes 10%.

• The total contribution rate is the su...read more

A journal entry of purchase records the purchase of goods or services.

• Debit the Purchases account to record the cost of the goods or services purchased

• Credit the Accounts Payable or Cash account to record the payment made for the purchase

• Include additional details such as the date, vendor name, and invoice number

• Ensure the journal entry is balanced, with the total debits equaling the total credits

GST stands for Goods and Services Tax. It is a consumption-based tax levied on the supply of goods and services.

• GST is an indirect tax that replaced multiple indirect taxes in India.

• It was implemented on 1st July 2017.

• GST is levied at every stage of the supply chain, from the manufacturer to the consumer.

• It aims to simplify the tax structure, reduce tax evasion, and promote ease of doing business.

• There are four main GST tax rates in India: 5%, 12%, 18%, and 28%.

• GST has differ...read more

TDS returns are submitted online through the government's e-filing portal.

• TDS returns can be submitted by logging into the government's e-filing portal.

• The returns can be filed by uploading the required TDS statements in the specified format.

• The TDS return forms are available on the portal and need to be filled accurately.

• After filling the form, it should be verified using a digital signature or an electronic verification code (EVC).

• Once verified, the return can be submitted ...read more