HYPERION SERVICES Interview Questions and Answers

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 accuracy of financial statements and compliance with tax laws.

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.

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

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.

RCM stands for Revenue Cycle Management. It is a process of managing the financial aspects of healthcare services.

• RCM involves managing the revenue cycle of healthcare services from the initial patient appointment to the final payment.

• Services provided under RCM include patient registration, insurance verification, coding and billing, claims management, and payment collection.

• RCM helps healthcare providers to optimize their revenue and reduce administrative costs.

• Examples of ...read more