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Taxable income in income tax is calculated by subtracting allowable deductions from total income.
Taxable income = Total income - Allowable deductions
Total income includes salary, rental income, capital gains, etc.
Allowable deductions can include expenses like home loan interest, medical insurance premium, etc.
GAV under the head income from HP is calculated by adding the annual value of the property and deducting municipal taxes.
Calculate annual value of property by considering higher of fair rent or municipal value
Deduct municipal taxes paid during the year from the annual value
The result is the Gross Annual Value (GAV) under the head income from HP
The discussion was to give reality check of the work.
I applied via Company Website and was interviewed in Sep 2023. There were 3 interview rounds.
Sec 43(b) of income tax deals with deduction of expenses related to business or profession.
Sec 43(b) allows deduction of certain expenses incurred for business or profession.
These expenses must be revenue in nature and not capital in nature.
Examples of such expenses include rent, salaries, repairs, etc.
The deduction is allowed in the year in which the expenses are actually incurred.
Tax audit limit for individual and partnership firm is Rs. 50 lakhs and Rs. 1 crore respectively.
Tax audit limit for individuals is Rs. 50 lakhs of turnover or gross receipts in a financial year.
Tax audit limit for partnership firms is Rs. 1 crore of turnover or gross receipts in a financial year.
If the turnover or gross receipts exceed the specified limit, tax audit is mandatory.
Tax audit helps in ensuring the accurac...
I applied via Referral and was interviewed in Apr 2023. There were 2 interview rounds.
POS rules refer to the set of guidelines and regulations that govern the use of point-of-sale systems in retail and other industries.
POS rules cover topics such as security, data protection, and compliance with industry standards.
Examples of POS rules include requirements for secure payment processing, restrictions on the use of certain types of payment cards, and guidelines for handling customer data.
Compliance with P...
I am an experienced Employee Relations Executive with a strong background in managing employee relations, conflict resolution, and HR policies.
Over 5 years of experience in employee relations
Expertise in handling employee grievances and conflict resolution
Proficient in implementing HR policies and procedures
Strong communication and interpersonal skills
Proven track record of fostering positive employee relations
Implemen...
Guru & Jana Chartered Accountants interview questions for popular designations
I applied via Company Website and was interviewed in Aug 2021. There were 3 interview rounds.
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posted on 24 Oct 2024
I applied via Campus Placement
Accounting methods refer to the rules and procedures used by companies to prepare financial statements.
Accounting methods determine how revenue and expenses are recognized in financial statements.
There are two main accounting methods: cash basis and accrual basis.
Cash basis accounting records revenue and expenses when cash is actually received or paid.
Accrual basis accounting records revenue when it is earned and expen...
Capital gain is the profit that results from a sale of a capital asset, such as stocks, bonds, or real estate.
Capital gain is the difference between the purchase price and the selling price of a capital asset.
It is considered a taxable event by the IRS in the United States.
Short-term capital gains are taxed at a higher rate than long-term capital gains.
Examples of capital assets include stocks, bonds, real estate, and
Accrual income and accrual expense are recognized when they are incurred, regardless of when cash is exchanged.
Accrual income is income that has been earned but not yet received, while accrual expense is an expense that has been incurred but not yet paid.
Accrual income and expense are recorded in the financial statements in the period in which they are earned or incurred, regardless of when the cash is actually receive...
Rent agreements are usually short-term, while lease agreements are long-term contracts.
Rent agreements are typically month-to-month or for a fixed term, while lease agreements are usually for a longer period, such as one year or more.
Rent agreements are more flexible and can be easily terminated with notice, while lease agreements are more binding and may have penalties for early termination.
Rent agreements are common ...
Depreciation is the allocation of the cost of an asset over its useful life in the books of accounts.
Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.
It is treated as an operating expense on the income statement, reducing the company's net income.
Depreciation is recorded on the balance sheet to reduce the carrying amount of the asset.
There are different methods of calculating...
Accounts receivables are amounts owed to a company by customers for goods or services provided, while accounts payable are amounts owed by a company to suppliers for goods or services received.
Accounts receivables represent money owed to a company by customers, typically shown as an asset on the balance sheet.
Accounts payable represent money owed by a company to suppliers or vendors, typically shown as a liability on t...
Journal entry for investment in businesses with $20,000 cash and $80,000 bank loan.
Debit the investment account for $100,000 ($20,000 cash + $80,000 bank loan)
Credit the cash account for $20,000
Credit the bank loan account for $80,000
I applied via Naukri.com and was interviewed in Nov 2024. There was 1 interview round.
P/L stands for profit and loss, which shows the financial performance of a company over a specific period. B/S stands for balance sheet, which provides a snapshot of a company's financial position at a specific point in time.
P/L (Profit and Loss) shows the revenue, expenses, and profits or losses of a company over a specific period.
B/S (Balance Sheet) shows the assets, liabilities, and equity of a company at a specific...
posted on 28 Jan 2025
I was interviewed in Dec 2024.
I applied via Walk-in and was interviewed in Oct 2024. There were 3 interview rounds.
Round 1 was a technical assignment which includes aptitude test, accounting test and excel test
Mutual funds are managed by professionals who invest pooled funds in a diversified portfolio of securities, while hedge funds are more actively managed and use a variety of strategies to achieve high returns.
Mutual funds are regulated by the SEC and have restrictions on trading practices, while hedge funds have more flexibility and are only available to accredited investors.
Mutual funds are typically more suitable for ...
Bonds and shares are types of securities issued by companies to raise capital. Corporate actions refer to events that impact shareholders.
Types of bonds include government bonds, corporate bonds, and municipal bonds.
Types of shares include common shares and preferred shares.
Corporate actions include dividends, stock splits, mergers, acquisitions, and rights issues.
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