V v kale & Company Article Assistant Interview Questions, Process, and Tips

AS-22 is an accounting standard that deals with accounting for taxes on income.

• AS-22 is issued by the Institute of Chartered Accountants of India (ICAI).

• It provides guidelines on how to account for current and deferred tax.

• Current tax is the amount of income tax payable based on taxable profit for the year.

• Deferred tax is the tax effect of timing differences between accounting profit and taxable profit.

• AS-22 requires c...read more

Current maturities of long term obligations are typically placed under current liabilities on a balance sheet.

• Current maturities of long term obligations represent the portion of long term debt that is due within the next year.

• They are classified as current liabilities because they are expected to be paid off within a year.

• Examples include the current portion of a long term loan or mortgage.

• They are important for asses...read more

Section 194Q of income tax act requires deduction of tax at source on purchase of goods above Rs. 50 lakhs.

• Introduced in Budget 2021, applicable from 1st July 2021

• Applies to buyers whose turnover exceeds Rs. 10 crores

• Tax to be deducted at 0.1% on purchase value exceeding Rs. 50 lakhs

• Seller can claim credit for TDS deducted under Section 194Q

Reverse Charge Mechanism is a system where the recipient of goods/services is liable to pay the tax instead of the supplier.

• Under Reverse Charge Mechanism, the recipient of goods/services is responsible for paying the tax to the government instead of the supplier.

• It is applicable when a registered dealer purchases goods or services from an unregistered dealer.

• The recipient needs to self-invoice the transaction and pay ...read more

Sampling is the process of selecting a subset of individuals from a larger population to represent the whole.

• Sampling involves selecting a smaller group from a larger population for research or analysis.

• Types of sampling include random sampling, stratified sampling, cluster sampling, and convenience sampling.

• Random sampling involves each member of the population having an equal chance of being selected.

• Stratified sampl...read more