Senior Accounts Payable Associate Interview Questions and Answers

Debit notes are issued by the buyer to request a credit from the seller, while credit notes are issued by the seller to provide a credit to the buyer.

• Debit notes are issued by the buyer to request a credit from the seller for overcharged or damaged goods.

• Credit notes are issued by the seller to provide a credit to the buyer for returned goods or overpayments.

• Debit notes are used to correct errors in invoices, while credit notes are used to acknowledge the error and provide a ...read more

TDS rate for contract and professional service varies from 1% to 10% depending on the nature of the service and the payment recipient.

• TDS rate for contract payments is usually 1% if the payee is an individual and 2% if the payee is a company.

• TDS rate for professional services is typically 10% for individuals and 2% for companies.

• It is important to verify the specific TDS rates applicable for each type of service and recipient to ensure compliance with tax regulations.

GSTR-1 is a monthly or quarterly return that contains details of outward supplies of taxable goods and/or services. GSTR-3B is a monthly summary return for taxpayers to declare their summary GST liabilities for a particular tax period.

• GSTR-1 is filed by registered taxpayers to provide details of outward supplies of goods and/or services.

• GSTR-3B is a summary return where taxpayers declare their summary GST liabilities for a specific tax period.

• Both GSTR-1 and 3B are important ...read more