Lumino Industries Site Accountant Interview Questions and Answers

TDS stands for Tax Deducted at Source. It is a system introduced by the Income Tax Department to collect tax at the source of income.

• TDS is deducted by the payer at the time of making payment to the payee.

• Various sections of the Income Tax Act specify the rates and thresholds for TDS deductions.

• For example, Section 194C deals with TDS on payments to contractors and sub-contractors.

• TDS certificates like Form 16 and Form...read more

The line item from the Stock can be selected based on the customer's order and then used to create an Invoice.

• Identify the specific line item in the Stock based on the customer's order details

• Ensure the accuracy of the item selected, including quantity and pricing

• Transfer the selected item to the Invoice template and generate the final document

The GRN process involves making an entry to record goods received into inventory.

• Create a journal entry debiting Inventory and crediting Accounts Payable or Purchase Order

• Include details such as quantity, unit cost, and total cost in the entry

• Ensure the entry is accurately recorded in the accounting system