Senior Accounts Assistant Interview Questions and Answers

194Q TDS is a provision under the Income Tax Act where TDS is deducted on payment made to resident contractors and professionals.

• 194Q TDS applies to individuals and HUFs who are not required to get their accounts audited.

• TDS is deducted at the rate of 1% on payment exceeding Rs. 50 lakhs in a financial year.

• The deductor is required to obtain the Tax Deduction and Collection Account Number (TAN) and file TDS returns.

• Non-compliance with 194Q TDS provisions can attract penalties...read more

Asset liability details refer to the financial obligations and resources of a company.

• Assets are the resources owned by a company, such as cash, inventory, and property.

• Liabilities are the financial obligations of a company, such as loans, accounts payable, and salaries payable.

• The balance sheet is used to report the asset and liability details of a company.

• The difference between assets and liabilities is known as equity or net worth.