Lodha & Company Article Trainee Interview Questions and Answers

Q1. Tell me about yourself
Ans. 
I am a dedicated and hardworking individual with a passion for learning and growth.
• Graduate in Accounting from XYZ University

• Completed internship at ABC Firm

• Proficient in MS Excel and accounting software

• Strong analytical and problem-solving skills
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Q2. Basic IPCC information
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Q1. Where do you stay
Ans. 
I stay in a cozy apartment in the city center.
• I stay in a 2-bedroom apartment

• Located in the city center

• Close to public transportation

• Nearby grocery stores and restaurants
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Q2. How will you perform verification of expenses
Ans. 
Verification of expenses involves reviewing supporting documents and ensuring accuracy and compliance.
• Reviewing receipts, invoices, and bills to ensure they are legitimate and accurate

• Checking for proper authorization and approval of expenses

• Comparing expenses to budgeted amounts or industry standards

• Ensuring expenses are recorded correctly in the accounting system

• Performing random spot checks to detect any potential f
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Hard and lengthy took long time

Q1. Only informed about stipend
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Q1. Didn't ask any question only informed about stipend
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Q1. What are the current updates in income tax?
Ans. 
The government has introduced various updates in income tax laws in the recent years.
• The Finance Act, 2021 has introduced a new provision for tax deduction at source (TDS) on purchase of goods at 0.1% rate.

• The deadline for filing income tax returns for the financial year 2020-21 has been extended to September 30, 2021.

• The government has introduced a new tax regime with lower tax rates for individuals who are willing to...read more
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Q2. Tell me about TDS sections
Ans. 
TDS sections refer to the different sections under which tax is deducted at source.
• TDS sections are numbered from 192 to 196D.

• Each section specifies the rate at which TDS is to be deducted.

• Section 194C applies to payments made to contractors and specifies a TDS rate of 1% for individuals and HUFs, and 2% for others.

• Section 194J applies to professional or technical services and specifies a TDS rate of 10%.

• Section 195 ap...read more
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Q3. What are current prevailing gst rates?
Ans. 
The current prevailing GST rates in India vary from 0% to 28% depending on the goods or services.
• GST rates are divided into 4 slabs - 5%, 12%, 18%, and 28%

• Some goods and services are exempted from GST, such as healthcare and education

• Luxury items like cars and tobacco products have higher GST rates

• GST rates are subject to change based on government policies and economic conditions
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Q4. What is the income tax basic limit?
Ans. 
The income tax basic limit in India for individuals is Rs. 2.5 lakhs per annum.
• Individuals earning up to Rs. 2.5 lakhs per annum are exempt from income tax.

• For senior citizens (age 60 years or above), the basic limit is Rs. 3 lakhs per annum.

• For super senior citizens (age 80 years or above), the basic limit is Rs. 5 lakhs per annum.

• Income tax rates increase with income levels above the basic limit.

• The basic limit is su...read more
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