Lucy Electric Purchase Executive Interview Questions and Answers

Depreciation on fixed assets can be booked using various methods such as straight-line, reducing balance, and sum-of-the-years' digits.

• Depreciation is the allocation of the cost of a fixed asset over its useful life.

• Straight-line method charges an equal amount of depreciation each year.

• Reducing balance method charges a higher amount of depreciation in the early years and lower in later years.

• Sum-of-the-years' digits me...read more

Yes, a debit note can be raised and filed on the GST portal.

• A debit note can be raised when there is an increase in the value of taxable supply.

• It can be filed on the GST portal by logging in and selecting the 'Debit Note' option.

• The details of the debit note such as the recipient's GSTIN, invoice number, and date must be provided.

• The debit note must also be linked to the original invoice for which it is being raised.

• O...read more

Bank reconciliation is the process of comparing a company's bank statement with its own financial records to ensure accuracy.

• Bank reconciliation involves comparing the bank statement with the company's own financial records.

• It helps to identify any discrepancies or errors in the financial records.

• The process involves matching transactions, such as deposits and withdrawals, between the two records.

• Any differences are th...read more

There are 4 types of TDS return.

• Form 24Q for salaries

• Form 26Q for payments other than salaries

• Form 27Q for payments made to non-residents

• Form 27EQ for TCS

ESIC and EPFO contribution rates for employer and employee.

• ESIC contribution rate for employer is 3.25% and for employee is 0.75% of the employee's salary.

• EPFO contribution rate for employer is 12% and for employee is 12% of the employee's basic salary.

• ESIC is applicable for employees earning up to Rs. 21,000 per month and EPFO is applicable for all employees.

• Employers with less than 10 employees can opt for the Atal P

Threshold limit of TDS refers to the maximum amount of tax that can be deducted at source.

• The threshold limit for TDS varies depending on the type of payment being made.

• For example, the threshold limit for TDS on salary payments is Rs. 2.5 lakhs per annum.

• For TDS on rent payments, the threshold limit is Rs. 2.4 lakhs per annum.

• If the payment exceeds the threshold limit, TDS is deducted at the applicable rate.

• The thresh...read more

To move to the next level, focus on developing new skills, taking on challenging projects, seeking feedback, and networking.

• Identify the skills required for the next level and work on developing them

• Take on challenging projects that push you out of your comfort zone

• Seek feedback from your manager, colleagues, and mentors to identify areas for improvement

• Network with people in your industry to learn about new opportunit...read more