Accounts & Taxation Executive Interview Questions and Answers

Updated 22 Aug 2024

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Q1. Introduce yourself, What is GST ?, Explain the GST Reconciliation process, Due Dates of GST return filing ?

Ans.

Introduction, explanation of GST and its reconciliation process, and due dates of GST return filing.

Introduce yourself briefly, highlighting your experience in accounts and taxation.
GST stands for Goods and Services Tax, a unified tax system implemented in India in 2017.
GST reconciliation process involves matching the data uploaded by the supplier with the data uploaded by the recipient, and making necessary adjustments.
Due dates for GST return filing vary based on the type o...read more

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TDS working filing dates and sections with brief decryption.

TDS stands for Tax Deducted at Source.
TDS is deducted from the income of the recipient and deposited with the government.
The due date for filing TDS returns is 31st July for Q1, 31st October for Q2, 31st January for Q3, and 31st May for Q4.
Section 192 deals with TDS on salary, Section 194 deals with TDS on dividends, and Section 194C deals with TDS on contractors.
The rate of TDS varies depending on the type of paymen...read more

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Improving financial structure requires proper planning, budgeting, and monitoring.

Create a detailed financial plan with clear goals and objectives.
Develop a budget that aligns with the financial plan and regularly review and adjust it as needed.
Implement effective financial controls to monitor spending and prevent fraud.
Invest in technology and tools that can streamline financial processes and improve accuracy.
Regularly analyze financial data to identify areas for improvement...read more

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An account profile is a summary of an individual or organization's financial transactions and status.

An account profile includes information such as income, expenses, assets, and liabilities.
It is used to track financial activity and make informed decisions about budgeting and investments.
Examples of account profiles include bank statements, credit reports, and tax returns.

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Ans.

Advance tax is the tax paid in advance on estimated income for the current financial year. TDS is tax deducted at source.

Advance tax is paid in installments throughout the year.
It is applicable to individuals, companies, and firms.
TDS is deducted by the payer at the time of making payment.
It is applicable to various types of payments such as salary, rent, and professional fees.
TDS rates vary depending on the nature of payment and the recipient's status.
Both advance tax and TD...read more

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Some popular accounting software include QuickBooks, Xero, and FreshBooks.

QuickBooks is widely used for small businesses and offers features like invoicing, expense tracking, and financial reporting.
Xero is known for its user-friendly interface and strong bank reconciliation capabilities.
FreshBooks is popular among freelancers and offers features like time tracking, project management, and invoicing.
Other options include Wave, Sage, and Zoho Books.

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