Dhariwal and Sreenivas Chartered Accountants CA Article Assistant Interview Questions, Process, and Tips

Journal entries are recorded for sale, purchase, TDS, etc in accounting.

• For sale: Debit Accounts Receivable, Credit Sales

• For purchase: Debit Purchases, Credit Accounts Payable

• For TDS: Debit TDS Receivable, Credit TDS Payable

Accounting and Auditing definitions from CA Inter

• Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Auditing is the examination of financial statements to ensure they are accurate and comply with accounting standards.

• Accounting provides financial information for decision-making, while auditing provides assurance on the accuracy of that information.

• Examples...read more

Income Tax sections and explanation/interpretation

• Income Tax Act, 1961 is the main legislation governing income tax in India

• Sections like 80C, 80D, 10(14) provide deductions for investments, medical insurance, etc.

• Section 139 deals with filing of income tax returns

• Section 234A, 234B, 234C deal with interest on late payment of taxes

Forms and Returns under Income Tax and GST Act

• Income Tax Act requires filing of returns using forms like ITR-1, ITR-2, etc.

• GST Act mandates filing of returns like GSTR-1, GSTR-3B, etc.

• Forms and returns need to be filed within specified due dates to avoid penalties.

• Correctly filling and submitting these forms is crucial for compliance with tax laws.