Innovative Textiles Executive Accountant Interview Questions and Answers

TDS stands for Tax Deducted at Source. It is a tax collection mechanism in India.

• TDS is deducted by the payer while making certain payments such as salary, rent, commission, etc.

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

• The payee can claim credit for the TDS amount while filing their income tax return.

• TDS rates vary depending on the type of payment and the payee's income.

• Non-compl...read more

GSTR 1 is a monthly or quarterly return to be filed by registered taxpayers containing details of outward supplies.

• GSTR 1 is a return that needs to be filed by registered taxpayers under GST.

• It contains details of all outward supplies made during the month/quarter.

• It needs to be filed by the 10th of the following month/quarter.

• It is used to reconcile the details of outward supplies with the details of inward supplies f...read more

GSTR 3B is a monthly return that summarizes the details of outward supplies, input tax credit, and tax liability.

• It is filed by registered taxpayers under GST.

• It is a self-declaration return and needs to be filed even if there is no business activity during the month.

• It is due on the 20th of the following month.

• Late filing attracts a penalty of Rs. 50 per day.

• It is an interim return and needs to be reconciled with GSTR...read more

Accounting is the process of recording, summarizing, and analyzing financial transactions of a business.

• Accounting involves the systematic recording of financial transactions.

• It includes summarizing and classifying the recorded transactions.

• Accounting also involves analyzing and interpreting financial information.

• Financial statements, such as balance sheets and income statements, are prepared based on accounting record...read more

Bills payable are the amounts owed by a company to its suppliers or vendors for goods or services received.

• Bills payable are recorded as a liability on the balance sheet.

• They are typically due within 30 to 90 days of receipt of the goods or services.

• Examples of bills payable include invoices for raw materials, utilities, and rent.

• Managing bills payable is an important part of cash flow management for a company.