Ocean Drinks Senior Executive Taxation Interview Questions and Answers for Experienced

Provision of TDS and GST involves deducting tax at source and collecting goods and services tax respectively.

• TDS stands for Tax Deducted at Source, where tax is deducted by the payer before making payment to the payee.

• GST stands for Goods and Services Tax, which is a consumption tax levied on the supply of goods and services.

• Both TDS and GST are important for compliance with tax regulations and ensuring proper revenue ...read more

TDS stands for Tax Deducted at Source, a provision where tax is deducted by the payer at the time of making payment.

• TDS is deducted by the payer at the time of making certain payments like salary, rent, commission, etc.

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

• TDS rates vary depending on the nature of payment and the payee's status.

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

GST provisions include input tax credit, reverse charge mechanism, composition scheme, and anti-profiteering measures.

• Input tax credit allows businesses to claim credit for taxes paid on inputs used in production.

• Reverse charge mechanism shifts the liability of paying tax from the supplier to the recipient.

• Composition scheme is available for small businesses with turnover below a certain threshold, allowing them to pay...read more