Indian Commodity Exchange Senior Executive Interview Questions and Answers

Q1. Asked TDS related questions
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Q1. Asked PF, Esi, Professional Tax related questions
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Q1. Read derivatives especially options
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People in the group discussion are connected with one basic idea.many recruiters use group discussion to test a candidates communication skills and knowledge skills test

Imperative functional logical and object oriented

This is the part of all the office work

About tea marketing purposes

Q1. About tea marketing purposes
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Q2. Tea competitive purpose
Ans. 
Tea serves as a competitive alternative to other beverages like coffee and energy drinks.
• Tea offers a healthier option with antioxidants and lower caffeine content.

• Tea comes in a variety of flavors and types to cater to different preferences.

• Tea can be marketed as a calming and relaxing drink compared to the stimulating effects of coffee.

• Tea can be positioned as a versatile beverage that can be enjoyed hot or cold.

• Tea ...read more
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Q3. Marketing and sales
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Q4. Improve our sales
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To improve sales, focus on targeted marketing campaigns, enhancing customer experience, and analyzing data for insights.
• Implement targeted marketing campaigns to reach specific customer segments

• Enhance customer experience through personalized interactions and efficient service

• Analyze sales data to identify trends, customer preferences, and areas for improvement
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Q5. Promotions activity
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Asked details about sales and marketing.

Q1. What do you mean by GST?
Ans. 
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 eliminating cascading effects.

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

• It has different tax rates for dif...read more
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Q2. What is the journal entry for purchases?
Ans. 
The journal entry for purchases involves debiting the Purchases account and crediting the Accounts Payable or Cash account.
• Debit the Purchases account to record the cost of goods purchased

• Credit the Accounts Payable account if the purchase is made on credit

• Credit the Cash account if the purchase is made in cash

• If applicable, include additional accounts such as Sales Tax Payable or Discounts

• Example: Debit Purchases $10,
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Q3. Tell the entry with GST?
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The entry with GST refers to the recording of transactions involving the Goods and Services Tax.
• GST is a value-added tax levied on the supply of goods and services in many countries.

• When recording an entry with GST, the tax amount is typically added to the cost of the goods or services.

• The entry should include the GST amount, the tax code, and the relevant accounts for recording the transaction.

• For example, if a compan...read more
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Q4. Instead of purchases if it is consultancy service then what is the Journal entry?
Ans. 
The journal entry for consultancy services instead of purchases
• Debit the Consultancy Expense account

• Credit the Accounts Payable or Cash account

• If the consultancy service is prepaid, debit the Prepaid Consultancy Expense account

• If the consultancy service is received but not yet paid, credit the Accrued Consultancy Expense account
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Q5. What is TDS 194C?
Ans. 
TDS 194C refers to Tax Deducted at Source under section 194C of the Income Tax Act.
• TDS 194C is applicable to payments made to contractors and sub-contractors for carrying out any work.

• The rate of TDS under section 194C is 1% for individuals and Hindu Undivided Families (HUF) and 2% for others.

• The threshold limit for TDS deduction under section 194C is Rs. 30,000 for single payment and Rs. 1,00,000 for aggregate payment...read more
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Q6. What is TDS 194I?
Ans. 
TDS 194I is a section of the Indian Income Tax Act that deals with the deduction of tax at source on rental income.
• TDS 194I applies to individuals or entities making rental payments above a specified threshold.

• The person making the payment is required to deduct a certain percentage as tax and remit it to the government.

• The current rate of TDS under section 194I is 10% for rent of land, building, or furniture and 2% for...read more
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Q7. What is TDS 194J?
Ans. 
TDS 194J refers to the tax deduction at source on professional or technical services.
• TDS 194J is a provision under the Indian Income Tax Act.

• It requires the deduction of tax at source on payments made for professional or technical services.

• The rate of TDS for 194J is generally 10%.

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

• The recipient of the payment can cl...read more
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Q8. What is the rate for 194C?
Ans. 
The rate for 194C is 1% for payments made to contractors or sub-contractors for carrying out any work.
• The rate for 194C is applicable for payments made to contractors or sub-contractors for carrying out any work.

• The rate is 1% of the total payment amount.

• This provision is under the Indian Income Tax Act.
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Q9. What is the limit for 194C?
Ans. 
The limit for 194C is Rs. 30,000 for a single payment and Rs. 1,00,000 in aggregate during a financial year.
• The limit for 194C is applicable for payments made to contractors and sub-contractors for carrying out any work.

• If the payment to a single contractor or sub-contractor exceeds Rs. 30,000 in a single transaction, TDS (Tax Deducted at Source) needs to be deducted at the rate of 1%.

• If the total payments made to a co...read more
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Q10. What do you mean by depreciation?
Ans. 
Depreciation refers to the decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors.
• Depreciation is a non-cash expense that is recorded on the income statement.

• It is used to allocate the cost of an asset over its useful life.

• There are various methods of calculating depreciation, such as straight-line, declining balance, and sum-of-the-years'-digits.

• Depreciation is important for f...read more
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Q11. What is the rate of depreciation to be deducted?
Ans. 
The rate of depreciation to be deducted depends on the asset's useful life and the chosen depreciation method.
• The rate of depreciation is determined by dividing the cost of the asset by its useful life.

• Different depreciation methods, such as straight-line, declining balance, or units of production, may result in different rates of depreciation.

• For example, if a company purchases a machine for $10,000 with a useful life...read more
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Q12. Tell me the golden rules?
Ans. 
The golden rules in finance are principles that guide financial decision-making and management.
• Spend less than you earn

• Diversify your investments

• Save for emergencies

• Avoid unnecessary debt

• Plan for retirement

• Monitor and manage your credit score
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Q1. About Previous experience and Self details
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Q1. About Previous job and challanges
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Q1. Salary discussion and date of commitment
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Accounting test related to journal entries, profit and loss statement, balance sheet, BRS, rectification of errors

Q1. Journal entries like sales, purchase, accrual, prepaid
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Q2. Tds, gst, advance tax, pf, pt, esi, income tax related questions
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Q3. Finalisation of accounts related questions
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