IFAS Edutech Private Limited Accounts Manager Interview Questions and Answers

GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services.

• GST is a single tax that replaced multiple indirect taxes in India.

• It was implemented on July 1, 2017, with the aim of simplifying the tax structure and promoting ease of doing business.

• GST is levied at every stage of the supply chain, from the manufacturer to the consumer.

• It is divided into Central GST ...read more

TDS stands for Tax Deducted at Source. It is a system in which tax is deducted from the income of an individual or entity at the time of payment.

• TDS is a method of collecting tax in India

• It is applicable to various types of payments such as salaries, interest, rent, etc.

• The person making the payment deducts a certain percentage of tax before making the payment

• The deducted tax is then deposited with the government on be...read more

Tax Deduct at source is a mechanism where a certain amount of tax is deducted from payments made to suppliers.

• Tax Deduct at source is also known as TDS (Tax Deducted at Source).

• It is a method of collecting tax at the source of income.

• The person making the payment is responsible for deducting the tax and remitting it to the government.

• TDS is applicable to various types of payments such as salaries, interest, rent, profe...read more

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that all personal accounts are debited for the receiver and credited for the giver.

• The second golden rule is the Real Account rule, which states that all real accounts are debited for what comes in and credited for what goes out.

• The third golden rule is ...read more