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Crack Senior Accountant Interview -1

The document outlines key tax compliance requirements including the necessity to file returns to enable E-way bill generation and the consequences of failing to deduct or pay tax at source. It also details specific tax deductions available under various sections of the Income Tax Act and exemptions for certain companies from filing Cash Flow Statements. Additionally, it highlights the regulations regarding loan acceptance and the tax deduction available for rent paid under Section 80 GG.

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samchat2023
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13 views

Crack Senior Accountant Interview -1

The document outlines key tax compliance requirements including the necessity to file returns to enable E-way bill generation and the consequences of failing to deduct or pay tax at source. It also details specific tax deductions available under various sections of the Income Tax Act and exemptions for certain companies from filing Cash Flow Statements. Additionally, it highlights the regulations regarding loan acceptance and the tax deduction available for rent paid under Section 80 GG.

Uploaded by

samchat2023
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Key Questions & Answers

PREPARED BY :
CA RUPA JAIN DAGA
SKILLSHORT EDULIFE PVT. LTD.
E-way bill generation is blocked if
returns for the last two consecutive
months/quarters are not filed.
Ensure compliance by filing the
pending returns to regain access.

If an assessee fails to deduct tax at


source or having deducted fails to pay,
then such person shall be deemed to be
an assessee in default. Simple interest u/s
201(1A) at the rate of 1% or 1.5% shall be
payable who do not deduct or after
deducting fails to pay the tax.

CA Rupa Jain Daga


You are required to provide your own GSTN
number in order to file Part B of the E-Way
Bill.

Section 194-IA provides that any person, being a transferee,


responsible for paying (other than the person referred to in
section 194LA) to a resident transferor any sum by way of
consideration for the transfer of any immovable property (other
than agricultural land) shall deduct an amount equal to one
percent of such sum as income-tax at the time of credit of such
sum to the account of the transferor or at the time of payment
of such sum in cash or by issue of cheque or draft or by any
other mode, whichever is earlier.

No deduction shall be made the consideration for the transfer


of an immovable property and the stamp duty value of such
property, both, is less than fifty lakh rupees.
CA Rupa Jain Daga
Sec 17(5) of the CGST Act talks about
Block Credit. Since at the time of
purchase, we have taken the credit of
goods, now we are required to reverse
the same since the stock was not
actually sold out but rather
destroyed.

The following companies are given exemption from filing Cash


Flow Statement

1. One Person Company


2. Small Company
3. Dormant Company

CA Rupa Jain Daga


If you don't receive HRA (House Rent
Allowance) but pay rent, you can still get
a tax deduction on the rent paid under
Section 80 GG of the Income Tax Act, 1961.
The maximum deduction permitted
under Section 80 GG is Rs 60,000 per
annum (Rs 5,000 per month)

Sec 269SS prohibits the


Acceptance of Loans, Deposit,
Advances, or any specified sum
exceeding Rs 20,000 or more
otherwise than through Account
payee cheque, Draft, or Use of
ECS through a bank account, or
Through such other electronic
modes as may be prescribed
CA Rupa Jain Daga
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CA Rupa Jain Daga

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