Synmac Consultants Interview Questions, Process, and Tips

Heads of income are categories under which income is classified for taxation purposes.

• There are five heads of income: salary, house property, business/profession, capital gains, and other sources.

• Salary includes income from employment.

• House property includes rental income.

• Business/profession includes income from self-employment.

• Capital gains include income from sale of capital assets.

• Other sources include income from s...read more

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losse

GST stands for Goods and Services Tax. It is a consumption-based tax levied on the supply of goods and services.

• GST is an indirect tax that replaced multiple indirect taxes in India.

• It was implemented on 1st July 2017.

• GST is levied at every stage of the supply chain, from the manufacturer to the consumer.

• It aims to simplify the tax structure, reduce tax evasion, and promote ease of doing business.

• There are different GS...read more