TEKTON Accountant Interview Questions and Answers

GST is a value-added tax levied on goods and services in India. It is calculated based on the value of the product or service.

• GST stands for Goods and Services Tax

• It is a single tax that replaced multiple indirect taxes

• GST is calculated based on the value of the product or service

• There are four tax slabs - 5%, 12%, 18%, and 28%

• Input tax credit can be claimed on GST paid on purchases

• GST calculation formula: GST amount =

TDS stands for Tax Deducted at Source. It is a tax collected by the government at the time of payment.

• TDS is deducted from the income of an individual or a company before the payment is made.

• The rate of TDS varies depending on the type of payment and the income of the recipient.

• TDS is calculated on the basis of the amount paid, the rate of TDS, and the type of payment.

• TDS is deposited with the government and a TDS cert...read more

Outstanding salary is a liability and the journal entry is to credit the liability account and debit the salary expense account.

• Debit Salary Expense account

• Credit Outstanding Salary account

• Outstanding salary is the amount owed to employees for work done but not yet paid

• The journal entry is made at the end of the accounting period

The processor for filing gstr1 is the GSTN portal.

• GSTN portal is the official website for GST registration and filing returns.

• GSTR1 can be filed online through the GSTN portal.

• The process involves logging in to the portal, selecting the GSTR1 form, and filling in the required details.

• Once the form is filled, it can be submitted and the acknowledgement can be downloaded.

• The due date for filing GSTR1 is the 10th of every