Junior Accountant and Auditor Interview Questions and Answers

To take out pending bills to a creditor, I would first review the outstanding invoices, communicate with the creditor to confirm the amount owed, and then arrange for payment.

• Review the outstanding invoices to identify the pending bills

• Communicate with the creditor to confirm the amount owed and discuss payment terms

• Arrange for payment through electronic transfer, cheque, or other agreed upon method

• Maintain records of the payment made for future reference

TDS section for commission is Section 194H under the Income Tax Act.

• Section 194H of the Income Tax Act deals with TDS on commission payments.

• TDS rate under Section 194H is 5% for individuals and Hindu Undivided Families (HUFs) and 10% for other entities.

• The threshold limit for TDS deduction under Section 194H is Rs. 15,000 in a financial year.

• Commission payments to professionals like insurance agents, brokers, etc., are covered under this section.