A private firm is owned by a single individual or a small group of individuals, and its ownership is not available to the public. A partnership firm, on the other hand, is owned by two or more individuals who share profits and responsibilities according to a partnership agreement.
A private firm is owned by a single individual or a small group of individuals, and its ownership is not available to the public. A partnership firm, on the other hand, is owned by two or more individuals who share profits and responsibilities according to a partnership agreement.
The number of hacking over a concrete surface required for 1 sq m area is typically 10 to 15 hacks.
Co-ordination as an individual responsibility fosters accountability, encourages proactive communication, and empowers team members to take initiative, leading to more effective collaboration and smoother workflows.
To determine whether TDS (Tax Deducted at Source) is deducted from an invoice, check the invoice for a mention of TDS deduction or a separate TDS amount. If TDS is deducted, it is usually because the service provider falls under a specified category where TDS is applicable, such as professional services. If TDS is not deducted, it may be due to the service provider being below the threshold limit for TDS or the nature of the service not requiring TDS deduction.
ARE 1 stands for "Application for Removal of Goods for Export" and is a document used in India for the export of goods to ensure compliance with customs regulations.
In the case of the death of an employee, the gratuity received by the legal heirs is exempt from income tax under Section 10(10) of the Income Tax Act. It is not taxable in the hands of the deceased employee or the legal heirs.
In Haryana, the limit for the deduction of Works Contract Tax (WCT) is typically 2% for contractors and 1% for sub-contractors. The return is filed using Form WCT-1, which must be submitted quarterly along with the payment of the tax.
The audit process involves several key steps:
1. **Planning**: Define the scope, objectives, and timeline of the audit.
2. **Risk Assessment**: Identify and assess risks that may affect financial statements.
3. **Fieldwork**: Gather evidence through testing transactions, reviewing documents, and conducting interviews.
4. **Evaluation**: Analyze the collected data to determine if the financial statements are accurate and comply with relevant standards.
5. **Reporting**: Prepare an audit report summarizing findings, conclusions, and recommendations.
6. **Follow-up**: Discuss the report with management and ensure any necessary actions are taken.
No, withholding tax is not equal to VAT. Withholding tax is a tax deducted at source on income payments, while VAT (Value Added Tax) is a consumption tax added to the sale of goods and services. They are different because they apply to different types of transactions and are collected for different purposes.
TDS receivables can be shown under Advance Income Tax A/c until the end of the financial year in which the TDS was deducted.
You can check whether TDS was deducted from an invoice by reviewing the invoice itself for a TDS deduction mention, checking the payment details for TDS entries, or referring to the TDS certificate (Form 16A) issued by the deductor.
Withholding Tax is a tax deducted at the source of income, such as salaries or payments to contractors, before the income is paid to the recipient. Extended Withholding Tax refers to additional withholding requirements that may apply to certain types of payments or to non-resident entities, ensuring that taxes are collected on income that may not be subject to regular withholding rules.
An auditing firm is typically audited by another independent auditing firm, often referred to as a peer review or external audit.
The expenditure incurred for the innovation of a guest house building is of capital nature.
To conduct an audit, follow these steps:
1. **Planning**: Define the scope, objectives, and timeline of the audit.
2. **Understanding the Business**: Gather information about the organization’s processes and controls.
3. **Risk Assessment**: Identify and assess risks that could affect financial statements.
4. **Internal Controls Evaluation**: Review and test the effectiveness of internal controls.
5. **Fieldwork**: Collect evidence through sampling, interviews, and observation.
6. **Analysis**: Analyze the collected data and compare it against standards and regulations.
7. **Reporting**: Prepare an audit report summarizing findings, conclusions, and recommendations.
8. **Follow-up**: Discuss the report with management and monitor the implementation of recommendations.
To maintain TDS in the company, I ensure accurate calculation of TDS on payments made to vendors and employees, file TDS returns on time, and keep proper records of TDS deductions and payments. I also stay updated on TDS rates and compliance requirements to avoid penalties.
TDS payable, sales tax payable, and service tax payable will appear in the Balance Sheet under current liabilities.
Television is an electronic device that receives broadcast signals and displays them as moving images and sound. It allows viewers to watch programs, movies, news, and other content.
The project manager or product owner typically makes the decision to release the build.
**Accounting Principles:**
1. Accrual Principle
2. Consistency Principle
3. Going Concern Principle
4. Matching Principle
5. Revenue Recognition Principle
6. Materiality Principle
**Types of Depreciation:**
1. Straight-Line Depreciation
2. Declining Balance Depreciation
3. Units of Production Depreciation
4. Sum-of-the-Years'-Digits Depreciation
**Types of Ratios:**
1. Liquidity Ratios (e.g., Current Ratio, Quick Ratio)
2. Profitability Ratios (e.g., Gross Profit Margin, Net Profit Margin)
3. Leverage Ratios (e.g., Debt to Equity Ratio)
4. Efficiency Ratios (e.g., Inventory Turnover Ratio)
5. Market Ratios (e.g., Earnings Per Share, Price to Earnings Ratio)
The Accountant / Accounts Executive category on takluu.com is designed for professionals responsible for maintaining accurate financial records, handling accounts payable and receivable, and supporting financial audits. These roles are critical for the smooth functioning of an organization’s finance department.
This section covers essential topics including journal entries, ledger posting, bank reconciliation, invoicing, payroll processing, taxation basics, and preparation of financial statements. Interview questions also test knowledge of accounting principles (GAAP/IFRS), compliance regulations, and use of accounting software like Tally, QuickBooks, or SAP.
Candidates preparing for positions such as Junior Accountant, Accounts Executive, Finance Assistant, or Bookkeeper will find curated interview questions, practical scenarios, and tips on managing day-to-day accounting tasks efficiently.
Interviewers typically assess your accuracy, attention to detail, and understanding of financial processes. You may be asked to explain how you handle reconciliations, manage expense reports, or ensure timely submission of tax filings.
At Takluu, we provide detailed study materials and example questions to help you build confidence and demonstrate your competence in interviews.
Whether you are a fresher starting your career or an experienced professional seeking advancement, this category offers comprehensive preparation to help you succeed in accounting roles.