Vishwa Samudra Engineering Accountant Interview Questions and Answers

Section 194C of the Income Tax Act deals with tax deduction at source (TDS) on payments made to contractors and sub-contractors.

• Section 194C applies to both individuals and businesses who make payments to contractors or sub-contractors for carrying out any work.

• The payer is required to deduct TDS at a specified rate (currently 1% for individuals and 2% for businesses) if the payment exceeds a certain threshold.

• The thre...read more

The question is asking about calculating 1 percent of a given value.

• To calculate 1 percent of a value, divide the value by 100.

• For example, 1 percent of 200 is 2 (200 / 100 = 2).

• This calculation is commonly used in financial analysis and budgeting.

The method of account refers to the system or approach used to record and organize financial transactions.

• There are several methods of accounting, including cash basis accounting and accrual basis accounting.

• Cash basis accounting records transactions when cash is received or paid, while accrual basis accounting records transactions when they occur, regardless of when cash is exchanged.

• Other methods include hybrid accou...read more