IBS Software Services Interview Questions, Process, and Tips

Q1. Heads of income
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Q2. Tds on professional payment
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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.
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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.
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Q4. Due dates of filing gst return
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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.
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Q5. Due date of filing income tax return for companies
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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
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Q6. Accrued income and accrued expense under which head it is shown under balance sheet
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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
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Q7. Mat and its application
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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
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Q8. What is going concern concept and matching concept
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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
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Q9. What is prepain income and prepaid expenses
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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.
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Q1. Basic questions in SQL , Linux , shell scripting
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Q1. Technical discussion round and simply good and I have give all the answers perfectly.
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Q1. IFRS 15, revenue recognition concept and standard
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Q1. Contract review , case study explanation
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Q1. ERP implementation process
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The ERP implementation process involves planning, customization, testing, training, and deployment.
• Planning phase involves defining project scope, goals, and timeline.

• Customization phase includes configuring the ERP system to meet specific business needs.

• Testing phase ensures the system functions correctly and meets requirements.

• Training phase involves educating users on how to use the ERP system effectively.

• Deployment...read more
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Q1. Readiness to work under pressure and stretched timings
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I thrive in high-pressure environments and am accustomed to working long hours when necessary.
• I have experience working in fast-paced environments where deadlines are tight.

• I am able to prioritize tasks effectively to ensure timely completion.

• I am adaptable and can handle unexpected challenges with a calm and focused approach.

• I have successfully managed projects with demanding timelines, such as implementing a new syst...read more
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