Indira IVF Hospital Finance Executive Interview Questions and Answers

The late date for filing and payment of TDS varies depending on the type of payment and the quarter in which it is due.

• For TDS deducted on salaries, the due date for filing and payment is typically the 7th of the following month.

• For TDS deducted on non-salary payments, the due date for filing and payment is typically the 30th of the following month.

• For TDS deducted on rent payments, the due date for filing and payment ...read more

TDS sections and percentages for different types of income

• TDS on Salary: Section 192, percentage varies based on income slab

• TDS on Professional Fees: Section 194J, 10% for fees, 2% for technical services

• TDS on Contractor Payments: Section 194C, 1% for individual/HUF, 2% for others

• TDS on Commission: Section 194H, 5%

• TDS on Rent: Section 194I, 10% for plant/machinery, 2% for land/building

To book a salary entry, you need to record the payment made to an employee for their work.

• Create a journal entry with the appropriate accounts involved

• Debit the salary expense account and credit the cash or bank account

• Ensure the entry reflects the correct amount and date of payment

• Consider any additional deductions or withholdings, such as taxes or benefits

• Maintain accurate records for auditing and reporting purposes

Unknown amount received in bank account, how to treat in books of account?

• Verify the source of the amount

• Check if it is a revenue or capital receipt

• Record the amount in the appropriate account

• If unsure, consult with an accountant or auditor

• If the amount is significant, consider reporting it to the tax authorities

The main heads in the Balance Sheet for Assets and Liabilities sides are different categories of financial items.

• Assets: Current assets, fixed assets, investments, intangible assets

• Liabilities: Current liabilities, long-term liabilities, owner's equity

• Examples of assets: Cash, accounts receivable, property, plant and equipment, patents

• Examples of liabilities: Accounts payable, loans, bonds, deferred revenue

• Owner's equi...read more