S.S. Kothari Mehta & Co CA Article Trainee Interview Questions and Answers

Tax Deducted at Source (TDS) under section 194 CIJ

• Section 194 CIJ of the Income Tax Act deals with TDS on payment of compensation on acquisition of certain immovable property.

• TDS is deducted at the rate of 10% on the amount of compensation paid.

• The person responsible for making the payment is required to deduct TDS and deposit it with the government.

• The TDS deducted needs to be reported and filed in the TDS return.

• Fail...read more

Statutory audit is mandatory by law, while internal audit is voluntary and conducted by the company itself.

• Statutory audit is conducted to ensure compliance with legal and regulatory requirements.

• Internal audit is conducted to evaluate the effectiveness of internal controls and identify areas for improvement.

• Statutory audit is conducted by an independent external auditor, while internal audit is conducted by employees ...read more