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If an assessee, who is liable to pay advance tax, under Section 208 has failed to pay such tax or where the advance tax paid under Section 210 is less than 90% of the assessed tax, he shall be liable to pay interest @ 1% for every month or part of the month

1. Fellow Salesmen: Normally, the salespersons working in the same department have good and cordial relations and people depend on each other for mutual benefit that goes to the company or the organization. 

2. Customers: Customers, particularly satisfied customers are most dependable source of information. Such a satisfied customer wants that his friends and relatives must also be satisfied on the recommendation. One takes pride in recommending.

Correct answer is a) To create a discreet image in the market; 

The correct answer is Tilam Sangh Brand.

• Rajasthan State Cooperative oilseed Growers Federation:
  •  Rajasthan State Cooperative oilseed Growers Federation is also known as Tilam Sangh.
  • Their main objective is to function on a cooperative base for the social and economic development of oilseed producing cultivators.
  • Eight large scale units are engaged in oil production.  They are set up in Kota, Bikaner, Merta, Jhunjhunu, Fatehnagar, Jalore, Sriganganagar and Gangapur City.
  • The oil produced at these places is sold on the market by the name Tilam Sangh Brand.

•  The Soyabean Project was set up in Kota.
• It was constructed with a capital of Rs. 35 crores provided by the World Bank. 

Two roles of urban growers:

1. They manage terrace top gardens to grow fruits and vegetables in urban cities. 

2. They use environment friendly ways to grow fruits and vegetables

The due dates of Payment of advance tax along with the installment payable is as follows:

Input Tax Credit cannot be availed on invoices more than one year old.

Rs. 20 Lakhs

Correct answer is a) On the spot; 

1. A salesperson by means of pre-approach saves valuable time, effort and energy by concentrating on the prospects exclusively who are most likely to buy. 

2. Pre-approach makes the salesperson more confident and enthusiastic while meeting the prospects and putting forth the sales proposition before them. Information about the prospects collected during pre-approach. 

3. Pre-approach enables the salesperson to know beforehand about the needs and requirements of the prospects in the most detailed manner possible.

Correct answer is b) Planning the presentation; 

Correct option: d) Bad debts

Where the employer has deducted the tax at source but failed to deposit wholly or partly, the tax so deducted in government account, the following statutory provisions are attracted:-‘

a) Interest u/s 201(1A): The deductor is treated as an assessee in default and interest u/s201(1A) is [email protected]% for every month or part of the month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid. Further, the tax along with the simple interest u/s 201(1A) becomes a charge upon all the assets of the deductor.

b) penalty u/s 221: Penalty to the extent of tax not deposited is leviable by the Assessing officer. 

c) prosecution proceedings u/s 276 B : Where the deductor has failed to deposit tax deducted at source, in Government account without area son able cause then he is punishable with rigorous imprisonment for a term extends from 3 months to 7 years and with fine.

When job is completed 'Job completion Report' is sent to the costing department for ascertaining the profits or losses occurred on the job.

Sources of motivation and inspiration are: 

Books, 

Activities, 

Dreaming big etc.

Correct option: b) Job ticket

Correct option: d) Shipping

Correct option: a) A is Correct and R is the correct explanation of A

In certain contracts the contractee agrees to pay to the contractor the cost price of the work done on the contract plus an agreed percentage thereof by way of overhead expenses and profit. Such contracts are known as cost-plus contracts.

Profit or loss made on the contract is transferred to the Profit and loss account.

Reconciliation Statement

IGST is levied on inter-state supply of goods or services in India.

The payment of Medical Insurance premium u/s 80 D should be paid by any mode other than cash

In case of a HUF Deduction under section 80D is allowable in respect of premium paid to insure the health of any member of the family. The maximum deduction available to a HUF would be Rs. 25,000 and in case any member is a senior citizen. Further, the amount paid on account of medical expenditure incurred on the health of any member(s) of a family who is a resident senior citizen would qualify for deduction subject to a maximum of Rs 50,000 provided no amount has been paid to effect or keep in force any insurance on the health of such person(s).

Contract costing is a special form of job costing also known as terminal costing.

All indirect expenses incurred on a job are called as Overheads.

Cost accountant should develop Interpersonal Skills in order to express effectively with maximum efficiency.

“Dividend received increases financial profit”. the statement is True.

1. In case of an Individual:

1. Deduction in respect of insurance premium paid for family: A deduction to the extent of Rs. 25000 is allowed in respect premium paid to effect or to keep in force an insurance on the health of self, spouse and dependent children.

2. Deduction in respect of insurance premium for parents: A further deduction up to Rs.25,000 is allowable to effect or to keep in force an insurance on the health of parents of the assessee.

Quantum of deduction in case of senior citizen: An increased deduction of Rs 50,000 (instead of Rs 25,000) shall be allowed in case any of the persons mentioned above is a i.e., an individual resident in India of the age of 60 year some or eat any time during there levant previous year.

3. Deduction in respect of payment towards preventive health check-up: Section 80D provides that deduction to the extent of Rs.5,000 shall be allowed in respect payment made on account of preventive health check-up of self, spouse, dependent children or parents during the previous year. However, the said deduction of ` 5,000 is within the overall limit of Rs 25,000 or Rs. 50,000, specified in (i) and (ii) above.

2. In case of a HUF: Deduction under section 80D is allowable in respect of premium paid to insure the health of any member of the family. The maximum deduction available to a HUF would be Rs. 25,000 and in case any member is a senior citizen.

Further, the amount paid on account of medical expenditure incurred on the health of any member(s) of a family who is a resident senior citizen would qualify for deduction subject to a maximum of Rs 50,000 provided no amount has been paid to effect or keep in force any insurance on the health of such person(s).

For each process a separate process account is created and all the Expenses pertaining to a process is charged to that process account.

An Individual or HUF who is resident in India.

The quantum of deduction allowed u/s 80QQB i.e. Royalty income of authors is 100% of such income;or Rs. 3, 00,000; whichever isless.

When the contract is complete, the contractee‟s account is Debited and contract account is credited with the contract price.

Contract Costing is a special form of job costing also known as terminal costing.

Following certificates have to be issued: 

a) Form No. 16, if the deduction or payment of tax is under section 192 (case of salary);and 

b) Form No.16 A if the deduction is under any  the rprovision of Chapter XVII-B (cases other than salary).

Objectives of job costing are as follows:

1) It ascertains the cost of each job separately and also indicates the profit or loss made out on its completion.

2) It also helps in decision making regarding continuation or discontinuance of job. 

3) It assists the management in controlling the cost of each job by comparing the actual cost with the estimated cost. 

4) It provides a basis for determining the cost of similar jobs to be undertaken in future and quoting the appropriate price for the same.

Advantages of job costing are as follows:

1. Data generated by the job costing records can be used for analysis and cost control by the management. 

2. It indicates the profitable or non-profitable jobs. 

3. It can be easily fitted into the double entry system.

Any two differences between Job Costing and Process Costing.

Operating costing is also known as Service costing.

Each process is Debited and material cost, labour cost, direct expenses and overheads allocated or apportioned to the process is credited

Income Earned as a partner of a Firm or a limited liability partnership: Following types of incomes can be earned by an individual as partner of a firm or limited liability partnership:

(a) Share of Profit of the Firm or Limited Liability Partnership: The share of profit from a partnership firm or a limited liability partnership, is exempt from tax at the time of individual assessment of the partner r; [Section10(2A)];

(b) Remuneration from a Firm: The remuneration by way of salary, bonus, commission, etc., received by a partner, is taxable as business income in the hands of a partner [Section28(v)];

(c) Interest on Capital or loan: Interest on capital or loan to a firm or limited liability partnership, in which he is a partner, is also assessed as income from business.

E-TDS implies, filing of the TDS return in electronic media as per prescribed data structure in either a floppy or a CD ROM.

In case of salary, if the deduction or payment of tax is under section 192 , then Form No. 16 is issued.

Process costing is used in the business where the products are Homogeneous.

The application for TAN has to be made in Form 49B in duplicate to the Assessing Officer within one month from the end of the month in which the tax is deducted for the first time.

It is mandatory for a corporate taxpayer (i.e., a company) and a tax payer under section 44AB to pay taxes through the electronic payment mode using the internet banking facility of the authorised banks and Other taxpayers can pay tax either by electronic mode or by physical mode i.e. by depositing the challan at the receiving bank.

Process of costing is used in the industry when the products are homogeneous.

it’s transferred to the finished goods account”.