Shriram General Insurance Senior Executive Interview Questions and Answers

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

• Section 192 - TDS on salary income

• Section 194A - TDS on interest income

• Section 194C - TDS on contractor payments

• Section 194H - TDS on commission payments

• Section 194J - TDS on professional or technical services

• Section 195 - TDS on non-resident payments

TDS rationalisation can be done by reviewing and optimizing TDS deductions.

• Reviewing TDS deductions to identify areas of optimization

• Analyzing tax laws and regulations to ensure compliance

• Negotiating with vendors and contractors to reduce TDS rates

• Implementing technology solutions to automate TDS processes

• Regularly monitoring and updating TDS policies and procedures

A journal entry for a travel advance transaction.

• Debit Travel Advance account and credit Cash/Bank account.

• If the advance is not fully utilized, create a liability account for the remaining amount.

• If the advance is exceeded, create an expense account for the difference.

• Include details such as purpose of travel, dates, and amount.

• Ensure proper approval and documentation before recording the transaction.