Find Interview Questions for Srg

Right Answer:
- **TDS (Tax Deducted at Source)**: The rates vary based on the nature of payment, generally ranging from 1% to 40%. For example, TDS on salary is 10% for income above the basic exemption limit.

- **VAT (Value Added Tax)**: The rates vary by state in India, typically ranging from 5% to 14%.

- **CST (Central Sales Tax)**: The rate is generally 2% on inter-state sales against a C-form.

- **Service Tax**: The rate is 18% on the value of taxable services.

(Note: Please verify the latest rates as they may change with new financial policies.)

Right Answer:
Auto Invoicing is a process in accounting where invoices are automatically generated and sent to customers based on predefined criteria or triggers, such as the completion of a service or delivery of goods, without manual intervention.

Right Answer:
Deferred tax is calculated based on the temporary differences between the carrying amount of assets and liabilities in the financial statements and their tax base. It is determined using the tax rates expected to apply when the temporary differences reverse. Income included in calculating deferred tax is based on net profit, not sales.

Right Answer:
1. **Debit the receiver, credit the giver**: When a company receives cash from a customer, debit the cash account and credit the sales account.

2. **Debit what comes in, credit what goes out**: When inventory is purchased, debit the inventory account and credit the cash or accounts payable account.

3. **Debit expenses and losses, credit income and gains**: When a company incurs an expense, debit the expense account and credit the cash or accounts payable account.

Right Answer:
The FBT (Fringe Benefit Tax) rate for the Financial Year 2008-2009 and Assessment Year 2009-2010 was 30%.