1) What are the Golden Rules of Accounting?
Personal Account-Debit the giver, Credit the receiver. Real Account- Debit what comes in, Credit what goes out, Nominal Account-Debit the expense, Credit the Income.
2) Do You Know Tally, QuickBooks or any other Accounting Application?
Yes I have worked on Tally in the past. As far as QuickBooks is concerned, Accounting Principle remains the same, with some training I will be able to work on it.
3) Are you aware of Statutory Laws which are typically applicable to business?
Some of the laws which are applicable to business are TDS , Service Tax, Professional Tax , PF.
4) Do you know what is TDS?
TDS is Tax deducted at Source. It is applicable when there are salary payments, professional fees payments and other payments where provisions of TDS under Income Tax Act is applicable.
5) What is the TDS rates for contractors, professionals?
2% for contractual payment and 10% on Professional Fees.
6) What is the due date for making TDS payment?
On or before 7th of every subsequent month.
7) Have you filed E-tds returns?
Yes, I have e-filed tds returns.
8) What is the due date for ETDS returns?
The due date for ETDS returns is 30th of the subsequent quarter.
9) Do you know what is Service Tax?
Service Tax is levied by the Government on service providers on certain service transactions, but actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act 1994.
10) What is the rate of Service Tax?
Rate of Service Tax is 15%.
11) Whether credit for Swach Bharat Cess can be taken?
No SBC credit is not available.
12) What is due date for making Service Tax Payment, if it is a online mode?
Due date for making Service Tax Payment is on or before 5th of every month. However, if payment is made online it is 6th.
13) What is the due date for filing Service Tax Half-Yearly Returns?
Due date for filing Service Tax returns is on or before 25th of subsequent half year.