Are you familiar with Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and the process of filing returns for these taxes?

Question

Accepted Answer

Yes, I am familiar with TDS, TCS, and the process of filing returns for these taxes.

I have experience in calculating and deducting TDS from various payments such as salaries, rent, and professional fees.
I am knowledgeable about the rates of TDS applicable for different types of payments and the deadlines for depositing the deducted amount with the government.
I understand the concept of TCS and how it is collected by sellers at the time of sale of certain goods.
I am proficient in preparing and filing TDS/TCS returns on a quarterly basis using the relevant forms like Form 26Q, 24Q, 27Q, and 27EQ.
I am aware of the consequences of non-compliance with TDS/TCS regulations and the penalties involved.

M Kama Raju and Associates Senior Accountant interview questions & answers