Accounts and Taxation Associate Interview Questions and Answers

RCM entry refers to reverse charge mechanism in GST where the recipient pays the tax instead of the supplier. TDS and TCS rates are tax deduction rates. GSTR 1 is for outward supplies while GSTR 3B is a summary return.

• RCM entry is a mechanism in GST where the recipient of goods or services is liable to pay the tax instead of the supplier.

• TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) are rates at which tax is deducted or collected on certain transactions.

• GSTR ...read more

Section 143 of the Income Tax Act, 1961 deals with the processing of income tax returns by the Income Tax Department.

• Section 143 allows the Income Tax Department to scrutinize the filed returns and verify the information provided by the taxpayer.

• Under Section 143(1), the department may issue an intimation to the taxpayer if there are any discrepancies found during processing.

• Section 143(2) allows for a detailed scrutiny assessment where the taxpayer may be required to provide...read more

Sec. 194Q is a provision under the Income Tax Act, 1961 which requires deduction of tax at source on purchase of goods.

• Sec. 194Q mandates deduction of tax at source at the rate of 0.1% on purchase of goods exceeding Rs. 50 lakhs in a financial year.

• It applies to a buyer whose turnover exceeds Rs. 10 crores in the preceding financial year.

• The buyer is required to deduct TDS at the time of credit or payment, whichever is earlier.

• The seller can claim credit of the TDS deducted a...read more