1.

What are the rules for payment of gratuity?

Ans. Gratuity Payment applicable after 5 yrs. of service it is a lumsump
amount paid by the company after the retirement of the employee.

2.
What are the rates for Employees contribution to PF and Employers
Contribution to PF and PF administration charges?
Ans. PF rates 12% on Basic for both employer as well as employee.

2.
Ans.

3.
Ans.

What is the threshold for considering an employee under PF?

I dont know.

What is the threshold for considering an employee under ESIC?

I dont know

5.
What are the rates for Employees contribution to ESIC and Employers
Contribution
to ESIC?
Ans.

I dont know

6.
What is the threshold and rate of deduction of TDS in case of rent paid on
vehicle
hire?
Ans. Rent Cab TDS for PVT Co. 2 % and HUF/ Individual 1 % and Reverse
Charge on tha same Service tax payable by service receiver it is called reverse
charge mechanism.

7.

What are the tax slabs for personal taxation for FY 2015-16?

Ans.

250000 500000 = 10%

500000 1000000 = 20% + 30000
1000000 above

8.

= 30% + 30000

What are the golden rules of accounting?

Ans.

There are three Golden Rules as below :

Personal A/c

Real A/c

Debit the Receiver

Losses

Debit what comes in

Credit the Giver

Credit what Goes out

9.

Nominal A/c
Debit All Expenses /
Credit all Income / Gain

Give three examples of direct and indirect taxes in India:

Ans.

Direct Tax TDS Contractor , Professional, Commision.

Indirect Tax Service Tax / Vat / Custom duty.

10. One difference between Direct and Indirect Taxation:

Ans.

Direct Tax Paid to Central Government on Income.

Indirect Tax Paid to State Government on services.

11.
Ans.

Differentiate between provision and reserve?

Provision is the estimate cost / expenses for the current month
Reserve is the fixed cost / expenses for the month.

12.
What are the percentages and due dates of advance tax instalments
liability?
Ans.

Rate as per slap and due date 15 of the Month .

13. What does the Section 8 of the Companies Act 2013 deal with?
Ans.

I Dont Know.

14. What are the accounting entries for the following transactions?
Consultancy invoice for Rs 100,000/- plus service tax, at applicable rate on 29 th
October 2015?
Consultancy Charges 100000/- DR.
Services Tax 12500/To Creditors A/C

DR.
102500/- CR.

15. Explain rules regarding taxability of LTA.

Ans.

In LTA only Travelling is allowed and it will be allowed

Times in years.

16. How is exemption for HRA calculated?

Ans.

I dont know.

17. Explain TDS Provision regarding TDS on payment of rent?

Ans.

I dont Know.

18. Why is profit considered a liability? How us it reflected in the Balance

Sheet?
Ans.

I dont Know.

19. Is the Company liable for PF and ESIC in respect of employees of a

contractor?
Ans.

No.

20. What is the due date for filing income tax return by a private limited
company?
Ans.

15 Oct 2016
****Important Notes:

1. Candidates can use calculators for calculations but usage of Internet and
related websites for finding answers is prohibited.

2. Attempting all questions is mandatory. Out of 20 questions, 10 answers

should be correct. Anything below 10 right answers, the candidate would
be debarted and would not be considered for in person interview and
discussions.

3. Answers should be technically right with explanations wherever required

and should not be too lengthy.