H V Patel & Associates Interview Questions and Answers

Income tax slab rates vary based on income levels and tax laws of the country.

• Income tax slab rates are different for different countries.

• In India, for the financial year 2021-22, the income tax slab rates for individuals are as follows:

• - Up to Rs. 2.5 lakhs - Nil

• - Rs. 2.5 lakhs to Rs. 5 lakhs - 5%

• - Rs. 5 lakhs to Rs. 7.5 lakhs - 10%

• - Rs. 7.5 lakhs to Rs. 10 lakhs - 15%

• - Rs. 10 lakhs to Rs. 12.5 lakhs - 20%

• - Rs. 12.5 l...read more

GST entries refer to the accounting entries made for Goods and Services Tax (GST) transactions.

• GST entries are made to record the input tax credit and output tax liability.

• Input tax credit is the tax paid on purchases and is deducted from the output tax liability.

• Output tax liability is the tax collected on sales.

• GST entries are important for compliance with GST regulations and for accurate financial reporting.

• For exam...read more