Magna HR Consultant Interview Questions and Answers

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

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 cost reduction

• Train employees on cost-saving measures and enc...read more

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.

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.

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.