Trend Tree Interview Questions and Answers

The section that allows to deduct TDS on salaries is Section 192 of the Income Tax Act.

• Section 192 of the Income Tax Act deals with the deduction of TDS on salaries.

• This section specifies the rates at which TDS should be deducted from salaries.

• Employers are required to deduct TDS from the salaries of their employees as per the provisions of this section.

• The TDS deducted under Section 192 needs to be deposited with the government within the specified time frame.

• Employees can c...read more

Activity Based Costing is a costing method that assigns costs to specific activities based on their consumption of resources.

• It is a more accurate and detailed approach to cost allocation compared to traditional costing methods.

• It identifies and assigns costs to activities that drive the consumption of resources.

• It helps in understanding the cost drivers and their impact on the overall cost of products or services.

• It provides insights into the profitability of different produ...read more

Asset monetization refers to the process of converting assets into cash or generating income from assets.

• Asset monetization involves selling or leasing assets to generate revenue.

• It can also involve using assets as collateral to secure loans or financing.

• Examples of asset monetization include selling real estate properties, leasing out equipment, or licensing intellectual property.

• Asset monetization can help organizations unlock the value of underutilized or non-core assets.

• I...read more

There are various GST returns that need to be filed at different intervals.

• GSTR-1: Monthly return for outward supplies

• GSTR-2A: Auto-populated return for inward supplies

• GSTR-3B: Monthly summary return

• GSTR-4: Quarterly return for composition dealers

• GSTR-5: Monthly return for non-resident taxpayers

• GSTR-6: Monthly return for input service distributors

• GSTR-7: Monthly return for tax deducted at source

• GSTR-8: Monthly return for e-commerce operators

• GSTR-9: Annual return

• GSTR-10: Final...read more

Capital employed refers to the total amount of capital invested in a business.

• Capital employed includes all the long-term and short-term funds invested in a business.

• It is calculated by subtracting current liabilities from total assets.

• Capital employed is an important metric for measuring a company's financial health and efficiency.

• Examples of capital employed include investments in property, plant, and equipment, as well as working capital such as inventory and accounts rece...read more

Sunk cost refers to the cost that has already been incurred and cannot be recovered.

• Sunk cost is a past cost that is irrelevant to future decision-making.

• It is important to ignore sunk costs when making decisions.

• Examples of sunk costs include money spent on non-refundable tickets or investments that have already lost value.

Sec 194Q refers to the provision under the Income Tax Act that requires buyers to deduct TDS on purchase of goods above a specified threshold.

• Sec 194Q is a provision under the Income Tax Act of India.

• It requires buyers to deduct tax at source (TDS) on purchase of goods.

• The provision applies to buyers whose total turnover exceeds a specified threshold.

• The threshold for applicability is INR 50 crores in the previous financial year.

• Buyers need to deduct TDS at the rate of 0.1% o...read more

Cost centers are used to track and allocate expenses. There are two types: production and service.

• Cost centers help in identifying and tracking expenses incurred by a particular department or function.

• Production cost centers are those that are directly involved in the production process, such as manufacturing or assembly.

• Service cost centers are those that provide support services to production cost centers, such as maintenance or quality control.

• Cost centers help in allocati...read more