Halco Aluminium Accounts Officer Interview Questions, Process, and Tips

Non-eligible Input Tax Credit (ITC) in GST return should be treated as an addition to the output tax liability.

• Non-eligible ITC should not be claimed while filing GST returns.

• It should be added to the output tax liability in the return.

• Examples of non-eligible ITC include ITC on personal expenses, entertainment expenses, etc.

The TDS rate on contractor bills is typically 1% for individual contractors and 2% for contractors who have not provided their PAN details.

• TDS rate on contractor bills is usually 1% for individual contractors

• TDS rate on contractor bills is 2% for contractors who have not provided their PAN details

• TDS needs to be deducted at the time of payment to the contractor

Yes, brick and sand purchases are eligible for Input Tax Credit (ITC) under GST.

• Brick and sand purchases are considered as inputs for construction activities, which are eligible for ITC.

• ITC can be claimed on the GST paid for brick and sand purchases while filing GST returns.

• Ensure proper documentation and compliance with GST rules to claim ITC on brick and sand purchases.

Rent paid is an expense and the entry in Profit and Loss account would be a debit to Rent Expense and a credit to Bank/Cash account.

• Rent paid is considered an expense in accounting.

• The entry in Profit and Loss account would be a debit to Rent Expense account.

• The corresponding credit entry would be made to Bank/Cash account.

• This entry reduces the profit of the business as it is an expense incurred.

Depreciation on land cannot be calculated as land is considered to have an indefinite useful life.

• Land is not a depreciable asset as it is considered to have an indefinite useful life

• Depreciation is typically calculated on assets that have a limited useful life, such as buildings or machinery

• Land does not wear out or become obsolete like other assets, so it is not subject to depreciation

To reduce cost of production, focus on optimizing processes, reducing waste, negotiating with suppliers, and implementing cost-saving technologies.

• Optimize production processes to increase efficiency and reduce waste

• Negotiate with suppliers for better pricing on raw materials

• Implement cost-saving technologies such as automation or energy-efficient equipment

• Regularly review and analyze expenses to identify areas for cos...read more