Steps Global Solutions Shimla Interview Questions and Answers

A multi-tube boiler is a type of boiler that has multiple tubes for the passage of hot gases and water.

• A multi-tube boiler consists of several tubes through which hot gases and water pass.

• These tubes are arranged in a way that maximizes heat transfer and efficiency.

• Examples of multi-tube boilers include Babcock and Wilcox boiler and Cochran boiler.

TDS stands for Tax Deducted at Source, which is a tax deducted by the payer at the time of making payment.

• TDS is a form of income tax that is deducted from the income of an individual or entity before the actual income is received.

• It is deducted by the payer and deposited with the government on behalf of the payee.

• TDS rates vary depending on the type of payment being made, such as salary, interest, rent, etc.

• TDS ensures that the government receives tax revenue in advance, rat...read more

GST (Goods and Services Tax) Return is a document that contains details of income which a taxpayer is required to file with the tax administrative authorities.

• GST return is a document containing details of income filed by taxpayers

• It is mandatory for businesses registered under GST to file GST returns

• GST returns help in calculating tax liability, input tax credit, and refund claims

RCM stands for Reverse Charge Mechanism and section 194Q of TDS is related to TDS on purchase of goods.

• RCM is a mechanism where the recipient of goods or services is liable to pay the tax instead of the supplier.

• Section 194Q of TDS mandates that a buyer who purchases goods worth more than Rs. 50 lakhs in a year from a seller is required to deduct TDS at the rate of 0.1%.

• The purpose of section 194Q is to widen the tax base and ensure that the transactions are recorded in the b...read more

GST is a tax levied on goods and services in India. CGST and SGST are components of GST.

• GST stands for Goods and Services Tax

• It is a tax levied on the supply of goods and services in India

• CGST stands for Central Goods and Services Tax

• It is a tax levied by the central government on intra-state supply of goods and services

• SGST stands for State Goods and Services Tax

• It is a tax levied by the state government on intra-state supply of goods and services

• Both CGST and SGST are compo...read more