Jss Pro Services Interview Questions and Answers

Q1. What do you mean by GST?
Ans. 
GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services.
• GST is a single tax that replaced multiple indirect taxes in India.

• It was implemented on July 1, 2017, with the aim of simplifying the tax structure and eliminating cascading effects.

• GST is levied at every stage of the supply chain, from the manufacturer to the consumer.

• It has different tax rates for dif...read more
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Q2. What is the journal entry for purchases?
Ans. 
The journal entry for purchases involves debiting the Purchases account and crediting the Accounts Payable or Cash account.
• Debit the Purchases account to record the cost of goods purchased

• Credit the Accounts Payable account if the purchase is made on credit

• Credit the Cash account if the purchase is made in cash

• If applicable, include additional accounts such as Sales Tax Payable or Discounts

• Example: Debit Purchases $10,...read more
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Q3. Tell the entry with GST?
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The entry with GST refers to the recording of transactions involving the Goods and Services Tax.
• GST is a value-added tax levied on the supply of goods and services in many countries.

• When recording an entry with GST, the tax amount is typically added to the cost of the goods or services.

• The entry should include the GST amount, the tax code, and the relevant accounts for recording the transaction.

• For example, if a compan...read more
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Q4. Instead of purchases if it is consultancy service then what is the Journal entry?
Ans. 
The journal entry for consultancy services instead of purchases
• Debit the Consultancy Expense account

• Credit the Accounts Payable or Cash account

• If the consultancy service is prepaid, debit the Prepaid Consultancy Expense account

• If the consultancy service is received but not yet paid, credit the Accrued Consultancy Expense account
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Q5. What is TDS 194C?
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TDS 194C refers to Tax Deducted at Source under section 194C of the Income Tax Act.
• TDS 194C is applicable to payments made to contractors and sub-contractors for carrying out any work.

• The rate of TDS under section 194C is 1% for individuals and Hindu Undivided Families (HUF) and 2% for others.

• The threshold limit for TDS deduction under section 194C is Rs. 30,000 for single payment and Rs. 1,00,000 for aggregate payment...read more
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Q6. What is TDS 194I?
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TDS 194I is a section of the Indian Income Tax Act that deals with the deduction of tax at source on rental income.
• TDS 194I applies to individuals or entities making rental payments above a specified threshold.

• The person making the payment is required to deduct a certain percentage as tax and remit it to the government.

• The current rate of TDS under section 194I is 10% for rent of land, building, or furniture and 2% for...read more
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Q7. What is TDS 194J?
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TDS 194J refers to the tax deduction at source on professional or technical services.
• TDS 194J is a provision under the Indian Income Tax Act.

• It requires the deduction of tax at source on payments made for professional or technical services.

• The rate of TDS for 194J is generally 10%.

• The person making the payment is responsible for deducting the tax and depositing it with the government.

• The recipient of the payment can cl...read more
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Q8. What is the rate for 194C?
Ans. 
The rate for 194C is 1% for payments made to contractors or sub-contractors for carrying out any work.
• The rate for 194C is applicable for payments made to contractors or sub-contractors for carrying out any work.

• The rate is 1% of the total payment amount.

• This provision is under the Indian Income Tax Act.
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Q9. What is the limit for 194C?
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The limit for 194C is Rs. 30,000 for a single payment and Rs. 1,00,000 in aggregate during a financial year.
• The limit for 194C is applicable for payments made to contractors and sub-contractors for carrying out any work.

• If the payment to a single contractor or sub-contractor exceeds Rs. 30,000 in a single transaction, TDS (Tax Deducted at Source) needs to be deducted at the rate of 1%.

• If the total payments made to a co...read more
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Q10. What do you mean by depreciation?
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Depreciation refers to the decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors.
• Depreciation is a non-cash expense that is recorded on the income statement.

• It is used to allocate the cost of an asset over its useful life.

• There are various methods of calculating depreciation, such as straight-line, declining balance, and sum-of-the-years'-digits.

• Depreciation is important for f...read more
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Q11. What is the rate of depreciation to be deducted?
Ans. 
The rate of depreciation to be deducted depends on the asset's useful life and the chosen depreciation method.
• The rate of depreciation is determined by dividing the cost of the asset by its useful life.

• Different depreciation methods, such as straight-line, declining balance, or units of production, may result in different rates of depreciation.

• For example, if a company purchases a machine for $10,000 with a useful life...read more
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Q12. Tell me the golden rules?
Ans. 
The golden rules in finance are principles that guide financial decision-making and management.
• Spend less than you earn

• Diversify your investments

• Save for emergencies

• Avoid unnecessary debt

• Plan for retirement

• Monitor and manage your credit score
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