Staff Accountant Interview Questions and Answers

Income tax slab rates vary based on income levels and tax laws of the country.

• Income tax slab rates are different for different countries.

• In India, for the financial year 2021-22, the income tax slab rates for individuals are as follows:

• - Up to Rs. 2.5 lakhs - Nil

• - Rs. 2.5 lakhs to Rs. 5 lakhs - 5%

• - Rs. 5 lakhs to Rs. 7.5 lakhs - 10%

• - Rs. 7.5 lakhs to Rs. 10 lakhs - 15%

• - Rs. 10 lakhs to Rs. 12.5 lakhs - 20%

• - Rs. 12.5 lakhs to Rs. 15 lakhs - 25%

• - Above Rs. 15 lakhs - 30%

• The in...read more

GST entries refer to the accounting entries made for Goods and Services Tax (GST) transactions.

• GST entries are made to record the input tax credit and output tax liability.

• Input tax credit is the tax paid on purchases and is deducted from the output tax liability.

• Output tax liability is the tax collected on sales.

• GST entries are important for compliance with GST regulations and for accurate financial reporting.

• For example, if a company purchases raw materials for $1000 with a...read more

GST started in India on July 1, 2017.

• GST stands for Goods and Services Tax.

• It is a comprehensive indirect tax on manufacture, sale, and consumption of goods and services.

• It replaced multiple indirect taxes like VAT, excise duty, service tax, etc.

• GST has 4 tax slabs - 5%, 12%, 18%, and 28%.

• It has simplified the tax structure and made it easier for businesses to comply with tax regulations.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Accounting involves recording financial transactions

• Transactions are classified into different categories

• The information is summarized to provide useful insights

• Examples include balance sheets, income statements, and cash flow statements