Indian Oil Corporation Industrial Trainee Interview Questions, Process, and Tips

My favorite subjects are Mathematics, Physics, and Computer Science.

• Mathematics: I enjoy solving complex problems and finding logical solutions.

• Physics: I am fascinated by the laws of nature and how they govern the universe.

• Computer Science: I love coding and exploring new technologies to develop innovative solutions.

ITC stands for Input Tax Credit in GST.

• ITC is a mechanism to avoid cascading effect of taxes.

• It allows businesses to claim credit for taxes paid on inputs used in production.

• ITC can be claimed only if the supplier has filed their GST returns.

• ITC cannot be claimed for personal or non-business expenses.

• For example, if a manufacturer buys raw materials worth Rs. 10,000 and pays Rs. 1,800 as GST, they can claim ITC of Rs. ...read more

Pivot Table is a data summarization tool in Excel used to analyze, summarize and present large amounts of data in a concise tabular format.

• Pivot Table allows users to quickly and easily summarize and analyze large amounts of data

• It helps in identifying patterns, trends, and relationships in the data

• Users can group, filter, and sort data based on different criteria

• Pivot Table can be used for various purposes such as fin...read more

GST returns are periodic filings of tax returns by registered taxpayers under GST. There are various types of GST returns with different due dates.

• GSTR-1: Monthly return for outward supplies - 11th of the next month

• GSTR-3B: Monthly summary return - 20th of the next month

• GSTR-4: Quarterly return for composition scheme taxpayers - 18th of the next month after the quarter

• GSTR-5: Return for non-resident foreign taxpayers -...read more

The rate of TDS to deduct under contract payments varies depending on the nature of the contract and the payment amount.

• For individuals and HUFs, the TDS rate is 1% if the payment exceeds Rs. 50 lakhs in a financial year.

• For other entities, the TDS rate is 2% if the payment exceeds Rs. 50 lakhs in a financial year.

• If the payee does not provide their PAN, the TDS rate is 20%.

• If the payee provides a false PAN, the TDS ra...read more

Section 194C of Income Tax Act deals with TDS for contract payments.

• Section 194C applies to payments made to contractors and sub-contractors.

• TDS is deducted at a rate of 1% for individuals and HUFs, and 2% for others.

• If the payment exceeds Rs. 30,000 in a single transaction or Rs. 1,00,000 in a year, TDS is applicable.

• The TDS deducted must be deposited with the government and a TDS certificate must be issued to the pay

VLOOKUP is a function in Excel used to search for a specific value in a table and return a corresponding value.

• Syntax: VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• lookup_value: the value to search for in the first column of the table

• table_array: the range of cells that contains the table

• col_index_num: the column number in the table from which to return a value

• range_lookup: optional argument that sp...read more

Outstanding liability journal entry is a debit to the expense account and a credit to the liability account.

• Outstanding liability refers to the amount of money a company owes to its creditors or suppliers but has not yet paid.

• The journal entry for outstanding liability involves debiting the expense account and crediting the liability account.

• For example, if a company owes $10,000 to its supplier but has not yet paid, t...read more

GST does not cover petroleum products, alcohol, and electricity to avail ITC.

• Petroleum products

• Alcohol

• Electricity

TDS stands for Tax Deducted at Source and is a mechanism to collect income tax in India.

• TDS is deducted by the payer at the time of making payment to the payee.

• The deducted amount is then deposited with the government on behalf of the payee.

• TDS is applicable on various types of payments such as salary, interest, rent, commission, etc.

• The rate of TDS varies depending on the type of payment and the income slab of the pay...read more