IBS Software Services Interview Questions, Process, and Tips

Aptitude questions were asked. Online test

Q1. Oops concepts and basic programming questions were asked
Add your answer

Q1. Tell us about the company
Add your answer

General aptitude,mcq coding

Q1. Oops,sql,project,self intro,basic coding
Add your answer

Q1. Sort and filter employees based on salary
Add your answer

General aptitude and coding mcq type questions

Q1. Oops,sql,project,self intro
Add your answer

Q1. Heads of income
Add your answer
Q2. Tds on professional payment
Ans. 
TDS on professional payments is a tax deducted at source on payments made to professionals for their services.
• TDS rate on professional payments is usually 10%.

• It is applicable when the payment exceeds a certain threshold amount.

• The person making the payment is responsible for deducting TDS and depositing it with the government.

• Failure to deduct TDS can lead to penalties and legal consequences.
Answered by AI
Add your answer
Q3. Tds on purchase of land from an individual for ₹10000000
Ans. 
TDS on purchase of land from an individual for ₹10000000 is applicable.
• TDS rate on purchase of land from an individual is 1% if the value exceeds ₹50 lakhs.

• In this case, TDS amount would be ₹100000 (1% of ₹10000000).

• The buyer is required to deduct TDS at the time of making payment to the seller.

• TDS should be deposited with the government and TDS certificate should be issued to the seller.
Answered by AI
Add your answer
Q4. Due dates of filing gst return
Ans. 
GST returns are typically due on the 20th of the following month.
• GST returns are usually due on the 20th of the month following the tax period.

• For example, the GST return for the month of January would typically be due on February 20th.

• Late filing of GST returns can result in penalties and interest charges.
Answered by AI
Add your answer
Q5. Due date of filing income tax return for companies
Ans. 
Companies must file their income tax return by the 15th day of the 3rd month after the end of their fiscal year.
• Companies must file their income tax return by the 15th day of the 3rd month after the end of their fiscal year.

• For example, if a company's fiscal year ends on December 31st, the income tax return would be due on March 15th.

• Extensions may be available in certain circumstances, but the initial due date is typi...read more
Answered by AI
Add your answer
Q6. Accrued income and accrued expense under which head it is shown under balance sheet
Ans. 
Accrued income is shown under the asset side of the balance sheet, while accrued expenses are shown under the liability side.
• Accrued income is recorded as a current asset on the balance sheet, representing revenue that has been earned but not yet received.

• Accrued expenses are recorded as a current liability on the balance sheet, representing expenses that have been incurred but not yet paid.

• Accrued income increases the...read more
Answered by AI
Add your answer
Q7. Mat and its application
Ans. 
MAT stands for Market Access Tool, used in finance for analyzing market trends and making investment decisions.
• MAT is a software tool that helps finance professionals analyze market data and trends.

• It can be used to track stock prices, monitor market volatility, and make informed investment decisions.

• MAT may also include features for risk management and portfolio optimization.

• Examples of MAT tools include Bloomberg Ter
Answered by AI
Add your answer
Q8. What is going concern concept and matching concept
Ans. 
Going concern concept is the assumption that a company will continue to operate in the foreseeable future, while matching concept is the principle of matching expenses with revenues in the same accounting period.
• Going concern concept assumes that a company will continue to operate for the foreseeable future without the need to liquidate assets or be forced out of business.

• Matching concept states that expenses should be...read more
Answered by AI
Add your answer
Q9. What is prepain income and prepaid expenses
Ans. 
Prepaid income is income received in advance, while prepaid expenses are expenses paid in advance.
• Prepaid income is income received before it is earned, such as subscription fees paid in advance.

• Prepaid expenses are expenses paid for in advance, like insurance premiums or rent.

• Both prepaid income and prepaid expenses are recorded as assets on the balance sheet until they are earned or used.
Answered by AI
Add your answer

Count occurrence using hashmap