Indian Oil Corporation Trade Apprentice Interview Questions and Answers for Experienced

GST stands for Goods and Services Tax. It is a single indirect tax system that has replaced multiple indirect taxes in India.

• GST is a value-added tax levied on the supply of goods and services.

• It is a destination-based tax, which means that the tax is collected by the state where the goods or services are consumed.

• GST has replaced various indirect taxes like VAT, excise duty, service tax, etc.

• It has simplified the tax ...read more

Cash flow statement shows inflow and outflow of cash while fund flow statement shows changes in working capital.

• Cash flow statement focuses on cash transactions while fund flow statement focuses on changes in working capital.

• Cash flow statement shows inflow and outflow of cash while fund flow statement shows sources and uses of funds.

• Cash flow statement is a short-term analysis while fund flow statement is a long-term ...read more

TDS rate on 194c is 1% for individual and HUF and 2% for others.

• TDS stands for Tax Deducted at Source

• Section 194c of the Income Tax Act deals with payment to contractors and sub-contractors

• The TDS rate on 194c is 1% for individual and HUF and 2% for others

• The TDS amount is deducted from the payment made to the contractor or sub-contractor

• The deducted TDS amount is deposited with the government by the person making the ...read more

TDS rate on 194j is 10% for professional services and 2% for royalty payments.

• TDS stands for Tax Deducted at Source.

• Section 194j of the Income Tax Act deals with TDS on professional or technical services and royalty payments.

• The rate of TDS on professional services is 10% while on royalty payments it is 2%.

• If the recipient of the payment is not an individual or a HUF, the TDS rate is 10% on royalty payments as well.

• TDS...read more

A legally binding agreement between two or more parties that outlines the terms and conditions of a transaction or relationship.

• A contract can be written or verbal.

• It must include an offer, acceptance, consideration, and mutual agreement.

• Examples include employment contracts, rental agreements, and sales contracts.

• Breach of contract can result in legal action.

• Contracts can be enforced by law.

A voidable contract is a legal agreement that can be canceled or voided by one or both parties involved.

• A voidable contract is valid but can be voided by one or both parties due to certain circumstances.

• The party who wants to void the contract must do so within a certain time frame.

• Examples of voidable contracts include contracts signed under duress, contracts signed by minors, and contracts signed under fraudulent cir...read more