Question { 11396 }

when to apply tds

Answer

Tds-Tax Deducted at Source

Tds is to apply while making payments to vendors(for the
service rendered)

For example:Tds on contract,deducted 2.06%(or 2.266% not
sure in this)

Tds on brokerage,deduct 10.3%

Above mentioned rate changes as prescribed by central
government

Question { Sutherland, 42456 }

What do u mean by MIS?

Answer

Mis- Management Information System

1)Every Company has Mis to close the records of the monthly
transactions or the specified period which they have.

2)MIS relates to closing and finalisation of monthly P&l or
balance sheet(in expense classification)

3)It also includes bank recon of all bank books for the
monthly transactions.

4)In short, mis related to all informations(consolidated)on
a monthly basis like service tax input credit or
classifications of cost centre wise.

Question { TCS, 10736 }

What is TDS

Answer

Tax deducted at source

If possible, let me know the rates of tds on
contract,advertisement, rent etc..)

if anybody has the % of rates as a format,it will be useful.

Question { 5986 }

How you will verify a supplier's bill of payment?

Answer

We can verify the supplier bill in following steps

1,Check the inward register with delivery challan whether
the parts or items inwarded(qty and amt also be verified)

2,Verify the po whether the given parts or items have been
dispatched at our end(supplier inv.amt should not exceed
the po amt)


3,before making payment, ensure all mandatory fields in
invoice are right including name, rates and etc.

4,if the parts or items get damaged,returned the invoice
and asked the supplier to give credit note

Question { IBM, 17726 }

what is tangible Asset?

Answer

Rajesh,

The definition which you ve said is right, but goodwill
is not a tangible asset, it is a intangible asset.

Tangible assets are land and buildings are the examples of
tangible assets, which can be see and touch.

Question { Infosys, 5738 }

i want more question for account for infoys inteview
please send me fast

Answer

Dr is known as Debt receiver, so its called as Dr.

Is it right prasad? if not, revert with a correct one.

Question { 5170 }

tell me in detail about deffered tax asset & deffered tax
liability

Answer

Deffered Tax is the amount the payment of which you delayed
to pay in future. There are many reasons for deffered
taxation. There are so many expanses and incomes which are
not allowed by taxation department of Government but we
enter as income and expenses in our financial statements
because in accounting they are allowed as income or expense
and that's why in the end the net income calculated by
company and tax department is rearely reconsile due to
problems mentioned above and due to that tax calculated by
company is different the tax calculated by tax departments
that's why deffered taxation is use to adjust tax between
entity and tax department.

Deffered Liability:
Essentially, they are taxes that are 'deferred' to a later
time. Tax Liabilities are typically taxes you are required
to pay on income, or profit, you have obtained. Being able
to 'defer' them is a means by which you are allowed to push
them off until a future date when your tax 'status' would
place you in a tax bracket that withholds less taxes from
your income (as in when you retire).